Charlie's has been the oldest gay bar in Austin since a former city council member got Dirty Sally's, next to UT, closed down in the late 80s. Charlie's is friendly and about the only place in town that welcomes drag queens. It's the most ethnically diverse, too. Any of the other bars you will be pretty conspicuous if you are black or asian, and even hispanic is unusual. Austin is has a very racially segregated gay scene, but this is the one place in town that isn't true.
Plus, you can pick up good ol' boys when the leg' is in session, since it's right down the street from the capitol building. I won't tell :-)
Pros: Diverse, integrated, friendly
Cons: no parking
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