Downtown Austin Updates: Old 6th, Waterloo Greenway and more
Written by Ryan Saunders
You may start to hear the naming moniker Old 6th a bit more regularly moving forward. We are quite bullish on this development project. We are excited to actively recruit tenants in support of the efforts of Stream Realty and Shop Co's as they collaborate on the redevelopment of more than 30 buildings on Old Sixth St. We've been fortunate to have a unique place in Austin's site selection and a network of successful locally based clients. This has enabled us to build trust with dynamic developers in our market. We hope to find more businesses who will want to look at this project with us as their tenant broker.
Stream is the development partner, their investor client is in the process of investing up to $750 million dollars in the prominent entertainment corridor to shift the focus from a party destination to an all day functional neighborhood.
The focus is on generating a tenant mix of retail, coffee shops and restaurants while still paying homage to the strong roots of music and art. This project is a multi faceted strategy that includes curating events and programming that
strengthen the neighborhood culture for both visitors and locals
Beyond the direct investment, there are several other developments and investments in the Downtown area that provide further boost to these efforts:
1. Moody Center
April 2022 Moody Center new 16,000 seat arena opens, not only to host UT basketball but also world class concerts and events, including the CMT awards relocating to Austin starting in 2023
2. Austin Innovation District
The district covers more than 14 acres, of which is now being identified as a CLD (Central Lifestyle District) headlined by the intersection of UT Medical School, Moody Center and Waterloo park. The flagship Innovation Tower opened in 2022 offering more than 300,000 SF of office space for health sciences and biotech companies.
3. Waterloo Park and Greenway
Waterloo Park offers 11 acres of green space and gardens including a 5,000 person capacity Amphitheater
Waterloo Greenway-Think The High Line in NYC but below grade running along an urban waterway 15 blocks through Downtown Austin culminating with what is to be known as The Confluence with key features such as: pedestrian truss bridges, canopy walkways, an 800 foot boardwalk, lagoon overlook and more
4. Symphony Square
Another cultural icon with the home of the Austin Symphony Orchestra and outdoor 350 seat stone amphitheater, also tied into waterloo greenway
Symphony Square and The Waller: Symphony Square development includes 4,000 SF retail and restaurant space, 160,000 SF of office space
Next door is The Waller: Apartment development with 388 studio, one, two and three bedroom apartments. The Symphony Square office complex and The Waller have shared amenities and are connected by a walkway.
5. Texas Capitol Complex
Master plan of the 40 block area around the Capitol Building, headlined by a pedestrian mall similar to Washington Mall. This provides new life for Blanton Art Museum and Bullock Texas State Museum.
Overall there will be a $581M investment comprised of the following:
1M square feet of office space in two new office towers, including a new, larger child care facility for State employees
An iconic, tree-lined pedestrian civic space, including an amphitheater, all maintained by the State and available to the public
A consolidated underground parking garage available to the public for a fee
Cultural venue space to complement the Blanton Museum and Texas History Museum
6. Convention Center Expansion
Starting 2025 with projected finish in 2029. The plan will nearly double the available rentable space at the facility while building a Center that is more responsive to market trends and customer needs. The new multistory center is expected to span more than 1 million square feet with an expected economic impact of $285 million per year.
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