In response to high office vacancy rates, Downtown Austin leaders emphasize residential development to stabilize the city’s core. Over 20% of downtown office space is vacant, prompting the Downtown Austin Alliance to target underused parcels for housing. Key potential areas for housing include East Fifth Street, the HealthSouth property at 15th and Red River, and portions of the Congress Avenue corridor. Increasing the residential population is crucial to fostering a vibrant retail corridor and diverse local economy, as current residential concentration is limited.
"What we can say is that downtown most definitely needs an increase in residential population. If we are going to support a vibrant retail corridor, if we are going to have a diversity of shops and goods and services, you need a residential population to sort of support that type of economy."
"Some pockets of the central city where housing could gain traction include sites along East Fifth Street, the HealthSouth property at 15th and Red River, and parts of the Congress Avenue corridor north of the Capitol."
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