AUSTIN (Austin Business Journal) — Another office tower is set to rise in downtown Austin, with an equity partner and an undisclosed tenant on board.

After years of planning, developers plan to break ground this quarter on The Republic. Lincoln Property Co. and Phoenix Property Co. are co-developers, while an April 20 announcement said Divco West Real Estate Services LLC, aka DivcoWest, is on board as equity partner. The building is set to rise 48 stories and total 833,000 square feet at 401 W. Fourth St., currently home to a surface parking lot just south of Republic Square. Floor plates are expected to average 29,000 square feet.

The “major tenant” was not identified although the announcement suggested The Republic “is prime for new corporate headquarters or companies looking to expand into the Austin market.”

Read the full story in the Austin Business Journal.