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Council approves PFC lease for mixed-income project at 5550 LBJ after divided debate over tax foregone and affordability
Summary
The council authorized the Dallas Public Facility Corporation to acquire and lease 5550 Lyndon B. Johnson Freeway to a developer for a mixed-income multifamily project with half the units designated at affordable levels. The vote followed extended debate over the value of incentives, foregone tax revenue and geography of subsidy.
The Dallas City Council approved a resolution on April 23 authorizing the Dallas Public Facility Corporation to acquire, develop and own the property at 5550 Lyndon B. Johnson Freeway and to enter a 75-year lease with High Street Residential (or an affiliate) for a mixed-income multifamily project.
City staff and the applicant described the project as adaptive reuse of vacant office buildings into multifamily housing intended to provide mixed-income units in the International District near the Galleria and LBJ Freeway. Staff said the project’s allocation of affordable units will total roughly half of the development: 40% of units targeted at 80% area median income (AMI) and additional units moved into lower AMI…
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