High Street Residential Starts Dallas Apartment Project
The firm is building 435 units on the site of a former office complex on the Lyndon B. Johnson Freeway.
Updated on Oct. 15, 2026 in Apartments
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High Street Residential has begun construction on a 435-unit apartment development located at 5550 Lyndon B. Johnson Freeway in Dallas. The project replaces the vacant LBJ Financial Center, which was previously acquired by the Dallas Public Facility Corporation.
Why it matters
The development aims to bolster local housing availability by designating half of its units for residents earning 80 percent or less of the area median income. The project represents a significant adaptive reuse of a former five-acre office site.
The $69 million project covers five acres and features 435 total units across five- and seven-story buildings. The site is held under a 75-year lease with the Dallas Public Facility Corporation.
The players
High Street Residential
This real estate development firm specializes in the creation of multifamily residential projects.
Dallas Public Facility Corporation
This entity acts as a non-profit corporation that assists the City of Dallas in financing and developing public facilities.
Dallas City Council
This is the governing legislative body for the city responsible for approving municipal land acquisitions and development agreements.
Acram Group
This private investment firm provides capital and strategic support for large-scale real estate development ventures.
Parse Capital
This financial institution provides investment capital specifically focused on the residential real estate sector.
The details
The development transforms the former LBJ Financial Center, which provided 185,000 square feet of office space, into a new residential community. High Street Residential is partnering with Acram Group and Parse Capital to secure preferred equity for the build.
Timeline
Construction officially commenced on the apartment project in October 2026.
The Dallas City Council authorized the site acquisition by the Dallas Public Facility Corporation in 2025.
The original LBJ Financial Center structure was first built in 1982 and later renovated in 1994.
The residential development is expected to reach completion by summer 2028.
Culture Shift
This development follows a pattern set by the Dallas Public Facility Corporation’s affordable housing lease structure to incentivize workforce housing. It signals a broader trend of repurposing aging office assets to address urban housing shortages.
Local residents earning at or below the income threshold will see new rental opportunities available upon the project's 2028 completion. The conversion of the vacant office complex into residential units aims to reduce urban blight in the immediate neighborhood.
The takeaway
The transformation of the former LBJ Financial Center demonstrates how municipal partnerships can revitalize underutilized commercial space into residential assets. Future residents should monitor the project's progress as it approaches the scheduled 2028 completion date.
Further reading
For more information on market trends and new construction, visit Dallas Apartments.
Source note: This article includes information reported by The Real Deal New York.
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