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Rally Austin outlines cultural trust portfolio, proposes bond programs and affordable cultural spaces
Summary
Rally Austin (formerly Austin EDC) presented an annual report and portfolio of cultural trust investments including capital projects, loan pilots and redevelopment on East Eleventh Street; the nonprofit is preparing bond proposals for 2026 to expand cultural trust funding and affordable workspaces.
Rally Austin—formerly the Austin Economic Development Corporation—presented its fiscal-year 2024 annual report and cultural trust update to the Austin Music Commission, describing a portfolio of real-estate investments and an initial pilot loan for music venues.
Vice chair of Rally Austin’s board Emmett Beliveau and CEO Teresa Alvarez detailed how the corporation has invested roughly $11 million in cultural trust and related projects, with an estimated project valuation of about $24.2 million and an anticipated economic impact in the tens of millions. Projects in the portfolio include capital work for performing arts facilities, renovation of existing venues, a loan to Empire Control Room and investments to keep Hole in the Wall operating in place.
Teresa Alvarez and real-estate lead Anne (last name not specified) described Block 16 & 18—an East Eleventh Street redevelopment in Austin’s historic African American cultural and heritage district—as a mixed-use project that will include below-market commercial space, cultural space and roughly 140 units of affordable housing concentrated across two blocks. The development team includes local cultural partners and aims to preserve and expand cultural infrastructure while providing affordable commercial and live/work opportunities.
Rally Austin said it is preparing programmatic proposals for the City of Austin’s 2026 bond process. The proposed slate would expand the cultural trust, establish an iconic venue fund and create an affordable workspace/workforce program for rehearsal, storage and creative studios. Rally Austin emphasized the need for philanthropic “flexible dollars” alongside restricted government funds to support operations and to respond to urgent needs; CEO Alvarez said philanthropic gifts so far have typically been project-specific rather than pooled for flexible use.
Loan pilot and protections: Rally Austin described a pilot loan to Empire Control Room to acquire a parcel; the loan carries a 10-year term and a 20-year restrictive covenant requiring the site to remain a live music venue, Alvarez said. Board leaders said the portfolio’s projects tend to require long-term partnerships, complex deal structures and ongoing technical assistance to ensure operational viability.
Next steps: Rally Austin plans to continue community outreach around the East Eleventh Street project, finalize terms with developers and refine bond program proposals. Board leadership asked commissioners and the public to help identify philanthropic partners and flexible funding that could complement public investments.
