Winner of the International Economic Development Council (IEDC) Excellence in Economic Development for the Public-Private Partnership to reconstruct the 2nd Street District
In 1999, the City of Austin initiated efforts to transform six city-owned blocks in the southwest quadrant of its central business district fronting West 2nd Street. Goals to strengthen Austin’s downtown vitality included:
• Build a new City Hall
• Catalyze redevelopment of a distressed downtown area
• Return underutilized city-owned land to the tax base
• Preserve historic assets
• Demonstrate responsible/sustainable land development practices
• Leverage public assets to secure private investment
• Re-establish downtown as a retail destination
• Add downtown residential stock
• Lure major employers
• Create a pedestrian-friendly public realm
• Create a denser city center
• Stimulate additional public and private investment downtown; and, overall,
All six blocks have been redeveloped in partnership with six private entities. The City's goals have all been realized.
In 2010, the six block core of the 2nd Street District spun off $4.55 million in property taxes, and this was before the $300 million W Hotel and Residences project opened in late 2010. The district also produced $2.29 million of sales taxes in 2010. The success of the district, in spite of the recent economic downturn, has regenerated investment in residential and retail projects throughout downtown Austin.
For details about the 2nd Steet District see http://www.2ndstreetdistrict.com/.