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Originally Posted by the Genral
fwiw, I really like this tower as presented. Secondly, I frequented Rainey when it was ONLY a neighborhood of pretty much old houses and not the wealthiest part of town at that. But to beat a dead horse, it was charming and inhabited by honest, hard working and retired people with kids and animals playing in the street. No bars, no highrises, just houses. After they were bought out, the bars came in, fairly recently. They took over vacated houses and renovated them into businesses that took off and became quite popular. They pretty much were time stamped knowing further development was eventually going to make most of them close down. But by then Rainey was a very popular destination, and people were upset with their demise. Phase 1, buy out the neighborhood, people sad to see it go, phase 2, develop further into high rise residents and hotels, and people were (are) sad to see the make shift bars and restaurants go. Phase 3, turning Rainey into a mostly tall and dense residential area, completely devoid of any resemblance of its former self. So if you are a bit older like myself, you might miss the old neighborhoods. If you came in during phase 2, you might be mourning the loss of a temporary entertainment district. And then again, if you are older like me, you might be celebrating the new Rainey because we're over the loss of the neighborhood because that was a long time ago. For the record, old Rainey is dead. It died when the people who lived there in those little old houses moved away. Long live the new Rainey.
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exactly. one of the things I never hear mentioned is; most of Rainey was owned by a few Hispanic families (one family owned 6-8 houses if memory served). Some of these families spent YEARS working (along side developers of course) to rezone Rainey to CBD to INCREASE the value of their land, in some cases 10X. Source:me. I've spoken to some of these former home owners many times going all the way back to the 90's. There were "for sale by owner" signs all down Rainey for at least a decade. The prices were high, because the sale was "contingent upon the zoning changes". They were VERY upset that wealthy tone deaf West Austin NIMBY's fought against their zoning changes. Some of them sold to the bar owners for MUCH less than they could have if the Great Recession hadn't happened. They really needed the money. Rainey was expected to blow up in 2006 if it hadn't been for the banking fiasco.
Clearly not everyone was happy, a lot of the tenants of the rentals didn't want to move and made a bunch of noise to the help the NIMBY's case...and a few of the owners held out till relatively recently. But it is really hard for me to feel bad for property owners getting top dollar for their assets. They deserve it, and I'm sure it made a HUGE difference for some of those families future. Middle class generational wealth in America typically stems from real estate. Good for these families to finally be able to cash out. Something some of them have fought for decades.