Longtime Austin resident.. to all the people moving here, I always say: "Remember what compelled you to move here and defend it."
IMO that place is terrible to get paying musical work, so I left to go play in the mountains. Where, ironically, it is much easier to find paying musical work.
All the folks I had been playing with out in the hills (literally, 'the boys' from that Luckenbach, TX song) all had a similar feeling, though they all left Austin in the early 80s.
IMO, it's a city like any other at this point, and has been since, say, they closed the Armadillo. But even if that point doesn't work for you, the development around the Broken Spoke is a pretty visual representation of that same feeling.
I wish you much luck with your thought here, cause maybe I am just cynical about the place... my feeling is that mostly people move there cause it is a city with a lot of well-paying jobs and because TX funds itself with property taxes.
But I'd prefer to be wrong about that.