The Austin City Council may make a decision on Thursday that could alter the future of Rainey Street.
It's close to impossible to find parking in the trendy lower downtown district. With so many new restaurants and bars in the neighborhood, the popularity of Rainey Street grows alongside the difficulty of getting in and out by car.
A group of investors (70 Rainey Street LP) which own several Rainey Street lots has presented the city several bids to purchase a property at 64 Rainey St.for a multi-story parking garage. 70 Rainey Street LP is currently planning to use its existing lots to build a 31-story mixed use project.
The city is mulling three options: Selling the lot for $100,000, plus 30 parking spaces and their revenue; for $400,000, plus 20 parking spaces and their revenue; or for $1.2 million and no parking spaces.