The city of Dallas is looking north for it’s next affordable housing space as city council works to match employees with housing closer to their jobs. David Goins has the update.
The Dallas City Council approved the acquisition of a 10-story office tower at 5550 LBJ Freeway to convert into a 399-unit apartment complex
Citing the need to continue providing opportunities for affordable housing in northern Dallas, the Dallas City Council approved a plan to add upwards of
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The project from High Street Residential Inc. will be owned by the , which will oversee the acquisition and renovation of the now vacant office high-rise just south of 635 between Noel and Montfort Drive.
The entire mixed-income multifamily development will contain 399 units.
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The DPFC was created in 2020 to allow the city to meet its housing goals established under its adopted by the city council.
The agreement allows the developer to forego approximately $2.2 million in property taxes annually for 75 years.
District 6 council member Omar Narvaez says the project addresses a need to provide housing for employees in an area of this city that is closer to jobs.
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"The more housing that we get built, the better because that will help these values that have gone up too fast,” Narvaez said. "We want affordable housing, they (developer) have a little bit of a gap and this is how we get to do it, and we find a way to make this happen.”
