In a bid to scrub clean the image of Austin's notorious "Dirty Sixth" district, Stream Realty is placing its chips on a slew of new restaurants, according to the Austin Monitor. Paul Bodenman, Stream's senior vice president of investments, revealed that the company is wooing potential restaurateurs to fill its East Sixth Street properties. Stream owns over 30 parcels in the area, which will soon see facade improvements kick off this April.
Seeking to energize the historic district known for its nightlife and not for its lunch specials, Stream Realty is pushing to vitalize the stretch beyond its bars and nightclubs. "Our opinion is food and beverage is more complementary to what is currently on Sixth Street," Bodenman told the Austin Monitor. The real estate group is betting on daytime and early evening business to shift perceptions of the street.
The strategy extends to considering more than just eateries, including the spice of live music, farmers markets, and even outdoor cafes along potentially widened sidewalks. "We would absolutely love to bring a farmers market back to Sixth Street," Bodenman asserted, seeing it as a key ingredient for a more neighborly vibe on weekends.
Investments by Stream Realty in the Sixth Street district tally up to a hefty sum between $500 million and $750 million. Anticipating more foot traffic, the company originally planned for a hotel and office building near Red River Street, though a tepid office market has made residential options, more palatable.
Hannah Rangel, vice president of built environment for the Downtown Austin Alliance, echoed support for Stream's pivot to dining and neighborhood illumination, per her comments to the Austin Monitor. The swift openings of new restaurants may hold the key to calming safety fears hanging over the district since a mass shooting in 2021. "There’s a lack of foot traffic because there’s a lack of a sense of safety," Rangel pointed out. She believes that filling empty storefronts with thriving businesses is the ticket to reviving the heart of Austin.
