City-owned land, plagued by problems with vandalism and squatting, could be a key piece of the puzzle for Dallas developers dreaming of creating an education and technology hub downtown.
Mike Hawk, CEO of real estate firm Hawk Global, told The Dallas Morning News that the company will purchase 711 S. St. Paul St. from the city of Dallas.
Hawke did not disclose the amount he agreed to buy the property. But a city spokesperson said the City Council accepted the $1 million bid.
He will only purchase the land, and the city plans to demolish the existing building, which is on the National Register of Historic Places. Hawk said the deal has not yet been completed.
D-FW Real Estate News
Demolition work is underway, and city officials expect it to be completed by the end of 2024.
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Hoque plans to build apartments on the recently purchased land and on the remaining parcels his company already owns. A total of 350 mixed-use housing units are planned. Approximately 240 units are expected to be completed in the first phase.
Hawk said his company plans to break ground on the multifamily project in the third quarter of 2025.
The apartments are part of Hawk’s larger plan to transform that part of downtown into the New Park District. In 2022, the Dallas City Council approved up to $96.1 million in financial support for a 20-acre development just south of City Hall.
The first phase of the project is a 38-story mixed-use tower directly across from the Dallas Convention Center. It will include 240,000 square feet of office space, more than 50,000 square feet of retail, a four-star hotel, and luxury apartments.
Hawk said Dallas ISD plans to build a 2,000-student school and hopes to persuade the University of Dallas to move to the area as well. Once fully constructed, the mixed-use district will have millions of square feet of Class A office space.
“We want to build community,” Hawk said. “I have sat and waited and paid millions of dollars in property taxes to build this education and technology (corridor).”
City Council members discussed the possibility of demolishing the building at 711 S. Saint Paul St. before it goes up for auction in August. The facility was once home to Family Gateway, a Dallas organization that serves area families experiencing homelessness.
Family Gateway moved to a new facility in Far North Dallas in 2023, which remained under the management of the city’s real estate team. Squatters occupied the site right next to the city hall, and the building was destroyed.
These are just the latest plans Hoque has for downtown real estate.
Hawk Abron and Mike Abron of Pegasus Abron, a Chicago-based real estate firm that manages assets for a German family investment group, are buying the 72-story building from current owner Metropolis Investment Holdings. He said he intends to buy the Bank of America Plaza. They said the deal is expected to be completed by March 2025.
They plan to spend $350 million to revitalize the area. The new “four-star or higher hotel” will occupy approximately eight to 10 floors within the tower, the pair previously said.
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