Downtown Austin is currently home to 11,000 residents of all ages with 20 million square feet of developed space. Recent studies have shown an additional 16 million square feet of space could be developed, increasing the potential population of this 20 block by 20 block to 25,000 residents.
Downtown Austin’s Expansion Plan
During the past several years, the City of Austin has been looking at several plans to develop the Downtown area. They’ve looked at plans that include building a Riverwalk type area of shops and restaurants near Lake Austin and adding more high rise condominiums and apartments. Though the City of Austin has been fairly agreeable to developers building Downtown in the past, they’re now having to carefully look at plans to ensure the Downtown area will be used to its fullest benefit. Consequently, developing these last 16 million square feet will likely take a bit longer than the development of the first 20 million square feet.
Downtown Austin Attracts Young Professionals to Empty Nesters
Part of the consideration to how Downtown Austin continues to develop are the types of residents the area expects to get. As the Baby Boomers get to retirement age, many of them are downsizing and seeking a more urban lifestyle. They’re tired of the maintenance of a house and are seeking a sense of community that can’t be found in the spread of the suburbs. Both Baby Boomers and Young Professionals are looking for an area they can immerse themselves in the community and have all of the cities amenities within walking distance.
Our Thoughts on Downtown Austin’s Expansion Plan
I think the new Downtown Austin Plan is going to bring more life to a great city. With more people living Downtown, it will bring more of Austin’s great local businesses, restaurants and shopping which will only make the city a more dynamic place to be and live.
Stay tuned to AustinRealEstateHomesBlog.com for updates as the city continues to look at plans to develop Downtown Austin.