# New mixed-income apartments to replace old, North Dallas office

**By:** Nick Wooten, Staff Writer  
**Published:** 2026-10-12T19:23:38Z  
**Source:** [Dallas News](https://www.dallasnews.com/business/real-estate/article/trammell-crow-company-office-apartments-lbj-freewa-22473477.php)

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A joint venture led by Dallas-based High Street Residential has broken ground on the Class A multifamily community

A rendering of the 435-unit apartment being built by Dallas-based High Street Residential at 5550 LBJ Freeway

Courtesy of High Street Residential

The construction of a new 435-unit apartment development in North Dallas has begun, replacing vacant office buildings that once stood along LBJ Freeway.

A joint venture led by Dallas-based High Street Residential has broken ground on the Class A multifamily community, and the project is expected to be finished by summer 2028, the firm announced Monday. High Street is the residential subsidiary of Trammell Crow Co., which is a wholly owned subsidiary of Dallas-based real estate giant CBRE.

The development at 5550 LBJ Freeway will include 217 market-rate apartments and 218 affordable units for residents making 80% of area median income or less. In Dallas, that figure is just under $68,000 for one person. 

The project is supported by the Dallas Public Facility Corp. High Street is developing the apartments alongside co-general partner Acram Group and equity partner Parse Capital. 

The community will include a five-story and a seven-story residential building with an existing parking structure. Apartment amenities include a seventh-floor sky lounge, clubroom and coworking space. The parking garage is a holdover from the property’s days as an office complex formerly known as the 10-story LBJ Financial Center.

The project team includes WDG Architecture as the architect and OHT Partners as the general contractor. Bank OZK is the senior lender. 

High Street Residential declined to provide financial details about the project, including estimated construction costs. Details from the company closely follow a late 2025 filing with the Texas Department of Licensing and Regulation. The filing estimated construction costs of $69 million.

The Dallas City Council voted last year to allow the Dallas Public Facility Corp. to acquire and own the site. The corporation entered into a 75-year lease with High Street Residential for the firm to redevelop the property. Under the Texas Public Facility Corp. Act, the project will be exempt from all ad valorem taxes. The estimated total tax revenue forgone is roughly $170 million, city documents previously showed.

Early redevelopment plans for the nearly 9-acre site took shape in 2024. At the time, Trammell Crow Co. said the full redevelopment could cost more than $300 million. Work to remove the old offices was underway by late last year.

The Dallas area continues to work on redevelopment projects for a portion of the metro’s aging office stock. North Texas remains one of the nation’s leaders in office-to-apartment adaptive reuse projects. The Dallas metro area has 3,966 apartment units it is working to build from old offices. That’s the fifth-highest total in the nation, according to a March study from RentCafe.com.

“This project demonstrates the power of public-private collaboration to deliver much-needed housing in a highly desirable area of Dallas,” said Kevin Hickman, a principal with TCC in Dallas. “We are proud to partner with the City of Dallas Public Facility Corporation and our capital partners to create a community that expands access to quality housing while revitalizing an underutilized site.”