Introduction to the 5550 LBJ Multifamily Project
A plan to turn office buildings along Lyndon B. Johnson Freeway into a new mixed-income apartment community is set to begin early next year.
A filing with the Texas Department of Licensing and Regulation shows phase one of 5550 LBJ Multifamily is expected to begin in February 2026.
Estimated construction costs are $69 million, and work is expected to finish in February 2028. Work to remove existing structures has already begun.
Project Overview
The first phase will include a five-story and a partial seven-story apartment building with an existing parking garage. Trammell Crow Company’s High Street Residential is overseeing development.
The firm, which is a wholly owned subsidiary of commercial real estate services and investment company CBRE Group Inc., declined to answer questions regarding the filing and the project.
Redevelopment Plans
The Dallas City Council voted earlier this year to allow the Dallas Public Facility Corporation to acquire and own the former LBJ Financial Center, a 10-story office building at 5550 LBJ Freeway.
The public facility corporation entered into a 75-year lease with High Street Residential for the firm to redevelop the property.
High Street Residential plans to build 399 apartments. Roughly 200 units will be offered at market rate, and the remainder will be for residents making below Dallas’ area median income, according to city documents.
Apartments and Pricing
At least 160 units are set aside for residents making 80% of the area median income. That figure is just under $94,000 for a family of four, according to the U.S. Department of Housing and Urban Development.
City documents show the complex will include 60 studio apartments, 252 one-bedroom apartments and 87 two-bedroom units.
Tax Exemptions and Investments
Under the Texas Public Facility Corporation Act, the project will be exempt from all ad-valorem taxes. The estimated total tax revenue forgone is roughly $170 million, according to city documents.
The project could receive an investment from the developer upward of $300 million, the firm said during a 2024 presentation to city staff.
Adaptive Reuse Projects in Dallas
Dallas is one of the nation’s top markets for apartment conversion projects. In 2024, North Texas added 698 apartments from adaptive reuse projects — the fourth most in the nation, according to a study from Rentcafe.
Dallas has country’s ninth largest adaptive reuse pipeline with nearly 3,000 apartments in various stages of redevelopment. This is driven mainly by office-to-residential projects. Those make up 80% of the conversions, according to the study.
Conclusion
The 5550 LBJ Multifamily project is a significant development in the Dallas area, offering a mix of market-rate and affordable housing options. With its expected completion in 2028, the project is set to provide much-needed housing for the community.
Frequently Asked Questions
Q: What is the 5550 LBJ Multifamily project?
A: The 5550 LBJ Multifamily project is a mixed-income apartment community being developed by Trammell Crow Company’s High Street Residential.
Q: When is the project expected to begin and finish?
A: The project is expected to begin in February 2026 and finish in February 2028.
Q: How many apartments will the project include?
A: The project will include 399 apartments, with 200 units offered at market rate and the remainder offered at below market rate.
Q: What is the estimated investment in the project?
A: The project could receive an investment from the developer upward of $300 million.
