The Dallas City Council has approved an economic development agreement with a group that plans to make improvements to the Bank of America tower downtown.
The plan calls for converting some of the floors currently used for offices into a hotel. The redevelopment will also include stores and restaurants on the ground floor.
The money is coming from a special taxing district set up by the city in the area surrounding the building at 901 Main Street. The city has agreed to allocate up to $103 million from the Downtown Connection Tax Increment Financing District. The total cost for the developers to acquire and renovate the building is estimated at $409 million. When it is finished, the amount of office space available will be reduced from 1.8 million square feet to 1.5 million square feet…