Nearly nine acres along Lyndon B. Johnson Freeway with three office buildings and a parking garage could be Dallas’ next multifamily conversion project.
Dallas-based commercial real estate developer Trammell Crow Company is examining the potential of adding apartments by transforming an existing 10-story office building and demolishing two six-story buildings to construct two five-story properties in their places.
While the parking garage at 5550 LBJ would remain with the new vision, what is currently virtually obsolete office space with a taxable value of about $10.75 million could receive an investment upwards of $300 million. That is according to a presentation from the developer, which is a wholly owned subsidiary of commercial real estate services and investment company CBRE Group Inc., that went before the Dallas city plan commission.
The site of the adaptive reuse, located between Noel Road and Monfort Drive and east of the Dallas North Tollway, would be reframed to improve walkability for pedestrians with enhanced landscaping and a screening for the garage.
The redevelopment, which is in the early stages, will go before Dallas City Council this week for a zoning change.
Office conversions to residential properties have been viewed as a lifeblood for buildings suffering from occupancy problems.
Downtown Dallas has seen a handful of similar projects, such as the recently opened Sinclair development from Todd Interests.
The region’s suburban areas have also seen several of announcements.
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