5550 LBJ Mixed-Income Housing Development (25-1147A)
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Authorize the Dallas Public Facility Corporation to (1) acquire, develop, and own 5550 LBJ, a mixed-income multifamily development to be located at 5550 Lyndon B. Johnson Freeway, Dallas, Texas 75240 (Project); and (2) enter into a seventy-five-year lease agreement with High Street Residential, Inc. or its affiliate, for the development of the Project - Estimated Revenue Forgone: General Fund: $170,331,504.00 (see Fiscal Information)
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Confirm compliance obligations in the executed LBJ Freeway lease
Applies if: representing High Street Residential, the Dallas Public Facility Corporation, or a construction or permanent lender on the project
Context: City Council approved the PFC lease at 5550 LBJ Freeway on April 23, 2025, triggering statutory compliance requirements at execution that govern the entire lease term.
Recommended: If you represent High Street Residential, the Dallas Public Facility Corporation, or a project lender, obtain the executed lease and confirm the reporting, use restriction, and rent structure obligations that attach under Texas Local Government Code Chapter 303 for the full 75-year term.
Review Public Facility Corporation lease structure at 5550 LBJ Freeway
Applies if: pursuing a Public Facility Corporation partnership for development in Dallas
Context: City Council authorized the PFC to acquire and develop 5550 LBJ Freeway under a 75-year lease with High Street Residential representing $170.3M in General Fund revenue foregone — the largest PFC transaction at the April 23, 2025 meeting.
Recommended: If you're pursuing a Public Facility Corporation partnership for a large site in Dallas, request the executed lease to understand how the 75-year term, ground lease provisions, and revenue-sharing structure were negotiated for this deal.
Request records on $170M public facility lease at LBJ Freeway
Context: The 5550 LBJ Freeway lease was the single largest action at the April 23, 2025 council meeting ($170.3M in estimated General Fund revenue foregone) and was specifically removed from the consent agenda for an individual vote.
Recommended: File a public information request for the executed 75-year lease between the Dallas Public Facility Corporation and High Street Residential, along with the individual council vote record — this item was pulled from the consent agenda for a separate vote, raising the question of why the meeting's largest financial action required that distinction.
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Authorize the Dallas Public Facility Corporation to (1) acquire, develop, and own 5550 LBJ, a mixed-income multifamily development to be located at 5550 Lyndon B. Johnson Freeway, Dallas, Texas 75240 (Project); and (2) enter into a seventy-five-year lease agreement with High Street Residential, Inc. or its affiliate, for the development of the Project - Estimated Revenue Forgone: General Fund: $170,331,504.00 (see Fiscal Information)