AUSTIN (KXAN) — A hotel company broke ground on its third property in Austin Wednesday morning.

Cambria Hotels is building a 14-story, 212-room hotel in downtown Austin, located in the Rainey Street Historic District at 68 East Avenue.

The hotel will be in walking distance of the convention center, Lady Bird Lake and Sixth Street.

Cambria describes the new hotel as “upscale.” It will have a multi-functional meeting space, fitness center, pool patio and terrace, lobby bar, fireplace and living room.

Austin City Council member Kathie Tovo gave remarks along with developers Stratus Development Partners, LLC.

Developer David Wood with Stratus says he’s working with his brother on the hotel. Both of them went to the University of Texas at Austin and have been tracking the hotel market in the city for a while.

He estimates a hotel of this size will create 300 to 400 permanent jobs in the city.

“We’re excited for this homecoming, after all these years… it’s great to come back here and develop in downtown Austin in one of our favorite places,” Wood said.

Council member Tovo says she wants the Rainey Street area to become a place everyone can enjoy.

“More walkable streets, more bike-able streets, and also more reasons for Austinites to come to this area of town,” she said. “We don’t want it to be just an area where visitors come to.”

The hotel is set to open in summer 2023.