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🏙 Making our way downtown

Breaking down the Downtown Austin Alliance’s State of Downtown

An overhead view of Downtown over Barton Springs Pool in the daytime.
The Downtown Austin Alliance releases the State of Downtown report annually to track growth. | Photo via Getty Images
Get in y’all, we’re going downtown.

Did you know 5.54 million sqft of new construction was completed Downtown in 2022? And with 95% of pre-pandemic visitor activity recovered, it seems like Downtown’s growth won’t be slowing down anytime soon.

We read through the Downtown Austin Alliance’s 2023 State of Downtown report. Here are some of the highlights.

Development

A map of buildings downtown that were recently completed, under construction, or in the planning stage.

The red buildings are under construction, the blue buildings are in the planning stage, and the grey buildings were delivered in 2022-2023.

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Graphic via the Downtown Austin Alliance

Roughly 8.2 million sqft of Downtown space is currently under construction, including eight office projects, 19 mixed-use projects, and 11,200 residential units.

The Austin metro area is expected to grow by 57%, bringing an estimated 3.6 million new residents. To help address growth, developers are planning to open ~3,000 hotel rooms and ~10 proposed office buildings by 2040. In total, 21 new projects are in the proposal and planning stages Downtown.

Housing

A table showing the average characteristics of downtown residents.

Downtown affordability continues to be a concern for the city.

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Graphic via Downtown Austin Alliance

The average Downtown resident is age 25-34, with a household income of $145,000 per year. About 60% of these residents are male and 78.4% have a college degree.

The good news for Downtown residents: rent prices have taken a slight dip, though affordability is still a concern. Downtown currently has 3,657 housing units under construction and 7,546 in the proposal phase.

Tourism

Last year was a record-breaking year for the Austin Bergstrom-International Airport, and Downtown saw the impacts.

Downtown hotel occupancy averaged 67%, just 5% lower than in 2019. A room for the night in Downtown will currently run you ~$270 per night, compared to $174 on average elsewhere in the city.

Across the board, tourism in Austin brought in $2.6 billion in earnings, and generated 63,840 jobs last year. In 2022, an average of 2.59 million people visited per month.
    Our full breakdown
    Asked

    What’s your favorite thing to do Downtown?


    A. Try new restaurants
    B. See a concert
    C. Float Lady Bird Lake
    D. Explore street art
    E. Take an outdoor workout class
    Tell us here
    Events
    Friday, June 2
    • Billy Strings | Friday, June 2 | 8-11 p.m. | The Moody Center | $50-$70 | The Grammy Award-winning artist’s latest record is called “Me/And/Dad.”
    Saturday, June 3
    • The Selena Sing Along Show | Saturday, June 3 | 7 p.m. | Hideout Theatre, 617 Congress Ave., Austin | $12-$18 | Join in on an improvised jukebox musical for all to sing along to.
    • “The Importance of Being Earnest” | Saturday, June 3-Sunday, June 18 | Times vary | Genesis Creative Collective, 1507 Wilshire Blvd., Austin | $15-$25 | Strap in for this Oscar Wilde classic, which follows a pair of Englishmen leading a double life in order to impress the women whose hearts they hope to win.
    Sunday, June 4
    • Bee Cave Farmers Market Debut | Sunday, June 4 | 10 a.m.-2 p.m. | Hill Country Galleria, 12700 Hill Country Blvd., Bee Cave | Free | Catch the inaugural Bee Cave Farmers Market, complete with live music and tranquil vibes.
    • Big Dumb Fest At Mohawk | Sunday, June 4 | 4-11:59 p.m. | Mohawk Austin, 912 Red River St., Austin | $20 | All ages are welcome at this mini-fest.
    Monday, June 5
    • Lazy Bird | Monday, June 5 | 7:30 p.m. | Meanwhile Brewing Co., 3901 Promontory Point Dr., Austin | Free | Tune in for a free show from this jazz combo band.
    Events calendar here
    Click here to have your event featured.
     
    Finance

    Tip or Mistake? 5 ways to withdraw investments

    Portrait of businesswoman standing against a wooden wall in office.
    SmartAsset’s no-cost tool makes it easy to find vetted financial advisors who serve your area. | Photo by Dean Mitchell
    Whether you’re almost ready to retire or just (wisely) planning ahead, there are five tips that can help optimize savings when withdrawing your investments.

    Test your knowledge:
    1. Don’t dive straight into your 401(k) or IRA — you could cost yourself years’ worth of income in retirement savings. Tip or Mistake?
    2. Don’t automatically claim Social Security benefits at age 62. Tip or Mistake?
    3. Do start auto-withdrawing money from your 401(k) when you turn 59-and-a-half. Tip or Mistake?*
    Find out the real pro tips (vs. the pitfalls)
    News Notes
    Feel Good
    Travel
    • Austin City Council greenlit an $88 million settlement that will allow Austin-Bergstrom International Airport to take over the South Terminal, which is owned by LoneStar Holdings, and move forward with its airport expansion project. (KXAN)
    Development
    Open
    • Food truck Vegan Nom and Barrett’s Coffee joined forces to create Double Trouble, a coffee shop, restaurant, and bar located at 111 N. Loop Blvd. The spot will offer limited service through the weekend and classic dishes from both parent restaurants. (Eater Austin)
    Announced
    • Uchi’s long-awaited sister restaurant Uchibā Austin is slated to open its doors at 601 W. 2nd St. this summer. The restaurant, which was originally supposed to open last fall, will serve bao, makimono, shared plates, and curated Japanese whiskey. (Austin Chronicle)
    Sports
    • All-star Sebastián Driussi scored the winning goal in Austin FC’s home match against Minnesota United on the evening of Wednesday, May 31. The captain secured a 2-1 victory after entering the game as a substitute.
    Edu
    • Tarini Nandakumar, a 12-year-old local Challenger School student, competed against 10 students in the Scripps National Spelling Bee Finals last night. Tarini made it to the top four in the finals after surpassing 231 contestants from around the globe to get to the last round. (KXAN)
    Trending
    Sports

    ⚽️ Hey now, they’re the All-Stars

    15 Austin FC players are on the ballot for the 2023 MLS All-Star game

    A collage of players from the roster, including Sebastian Driussi.
    Put your hands together for Sebastian Driussi, who was the first Austin FC pick for the All-Star game in 2022, and 14 other local players on the roster. | Photos courtesy Austin FC, graphic by ATXtoday
    You can now vote for your favorite Austin FC player to participate in the in the 2023 MLS All-Star game.

    The game, which consists of 26 players from clubs across the country matched up head-to-head, will take place at DC United’s home base, Audi Field, on Wednesday, July 19.

    How the players are picked:

    • 12 players will be determined by votes from MLS players, fans, and select media members.
    • 12 players will be selected by MLS All-Star head coach Wayne Rooney of the host team DC United.
    • MLS Commissioner Don Garber will select two players
    Fan voting ends at 9:59 p.m. CSTC on Wednesday, June 14. Cast your vote online or through the MLS app.


    See the list of players online.
       
      Shoutout
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      Your voice is valuable, and so are the special moments in your life. | Graphic by 6AM City
      Shoutouts allow us to celebrate job promotions, anniversaries, and exciting experiences right here in Austin.

      Become a ATXtoday member today to reserve your shoutout and celebrate with tens of thousands of locals.
      Become a member, get benefits
      The Wrap
       
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      Today’s edition by:
      Figi

      From the editor
      My Austin FC All-Star vote? Thank you for asking. I’m a Diego Fagúndez head, and I’ve been a fan of his since the beginning. Besides his skills on the field, Diego has some serious drip, and I respect that.
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