High Street Breaks Ground on 435-Unit Mixed-Income Project at 5550 LBJ

High Street Residential broke ground October 12 on 5550 LBJ, a 435-unit mixed-income apartment community at 5550 Lyndon B. Johnson Freeway in Dallas. Completion is expected by summer 2028. WDG Architecture is the architect.

The 422,000-square-foot project spans a five-story and a seven-story building on roughly 5.4 acres within an 8.6-acre redevelopment site. It replaces three vacant office buildings, formerly the 10-story LBJ Financial Center, while preserving an existing structured parking garage.

Of the 435 units, 217 are market-rate and 218 are affordable at 80% AMI or less. The Dallas Public Facility Corporation structure carries a 75-year lease and ad valorem tax exemption, with forgone revenue estimated at $170 million. City Council approved the DPFC acquisition and lease in April 2025.

Amenities include a clubroom, co-working space, sports lounge, resort-style pool, grilling stations, fire pits, fitness center, seventh-floor sky lounge, bike storage, dog wash, and package room. The JV pairs High Street Residential with Acram Group as co-GPs; Parse Capital holds preferred equity and Bank OZK is senior lender.

A TDLR filing put Phase I construction cost at $69 million; early 2024 plans pegged full redevelopment above $300 million. The team includes Urban Structure (structural), Schmidt & Stacy (MEP), Kimley-Horn (civil), TBG Partners (landscape), and Ellie Aiello Interiors (interiors).