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DALLAS – The City Council Wednesday approved an incentive to facilitate One Newpark a 38-floor, 1.3 million square foot mixed-use and mixed-income tower to be constructed on land currently used as surface parking lots just south of Dallas City Hall by Hoque Global and its development partner Lanoha Real Estate Company.
“Newpark Dallas in Southern Downtown will be a catalyst to help take our city to new levels of economic growth by opening doors to new opportunities as our city grows south,” said Mike Hoque of Hoque Global. “Newpark’s location, innovative mix of technology and education, and culture of learning and thriving for all who seek opportunity will combine to generate real results. The positive impacts will set the course for our community to develop talent and create opportunities for all to look to the future. We are so honored to be working with the incredibly hardworking team at the City of Dallas to bring this progress forward for the people of Dallas.”
One Newpark is the first phase of the larger, multi-phased Newpark Dallas development. At full build-out, Newpark Dallas is planned to include over one million square feet of Class A office space, 200,000 square feet of urban retail space, a few thousand residential units, and a four-star hotel.
“As the councilperson for the area, I’m delighted to support the Newpark Development and its partnership with the City of Dallas. For years, we’ve had surface parking lots that have not added substantial value in landscape or taxes. This project includes a strategic plan with vision that will transform the area into a walkable mixed-use neighborhood, bridging the Convention Center, Dallas Farmers Market, and the Cedars. This will re-energize the southern portion of Downtown Dallas. Today’s action will propel growth and vitality in the area, and I am excited to see this moving forward.” District 2 City Council Member Jesse Moreno said.
One Newpark will include street-level retail, 225,000 square feet of office space, a 245-room hotel, and 268 mixed-income residential units. The total project cost for One Newpark is approximately $380 million.
The incentive approved by the City Council to facilitate One Newpark authorizes a City Subsidy that combines funds from the City’s Public/Private Partnership Fund and Downtown Connection Tax Increment Financing District Fund totaling $96.1 million.
“I am excited about the future of this project in Downtown Dallas and I hope it sets the stage for further development in the area. This area has potential to transform into a vibrant, destination neighborhood with major improvements happening around the site, including the convention center,” City Councilman and Chair of the Economic Development Committee Tennell Atkins said.
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