AUSTIN (KXAN) - Fairmont Hotels & Resorts has signed off on an agreement to build a new facility in Downtown Austin planned for 2015.
The Fairmont Austin will be located directly east of the Austin Convention Center, at the northeast corner of Cesar Chavez and Red River streets.
The $350 million structure will be designed by architecture firm of Gensler Austin.
The number of rooms will likely be reduced from 1,035 to about 1,000 to allow for larger guestrooms and suites.
The 50-story hotel will include more than 70,000 square feet of space and will rise approximately 580 feet. That will make it the second largest structure on Downtown Austin's skyline behind the Austonian.
The project is projected to generate about $6 million in hotel occupancy tax and contribute $4 million in annual property tax.
It will add roughly 1,000 permanent jobs to the Austin market, not including jobs generated during the construction project.
The hotel's design encompasses a number of green building elements and will seek LEED certification from the U.S. Green Building Council.
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