Grey Space

I'm guessing the fencing is to keep people out and the owners of the property less likely to face legal action when some idiot hurts themselves on this desolate and dangerous lot. Its located between the Austin Convention Center and other downtown buildings and the Rainey Street bars. Whats happening hear? The landowner is waiting for a higher price sale? The city of Austin is delaying approvals for construction which every developer claims? It's a brownfield full of dangerous materials? Im calling it grey space. Its rundown glory.