AUSTIN (KXAN) — Developers hope to break ground on what is planned to be the tallest building in Austin late next year.

Mac Pike, chairman of the Sutton Company, say the two tower project will take around 30 months to complete, starting late 2017.

Although not officially named, the project is called the Villas Redevelopment for now. The building site is on the very south end of Red River Street next to Lady Bird Lake and the Rainey Street District.

Two buildings will likely fill the 2.29 acre site. One tower will be a condo/hotel building with about 200 rooms and 200 condos. The second building, the one that could rise taller than the Austonian — the city’s current tallest building — is planned to be a multi-family building for rent with around 440 units and 75,000 square feet of office space.

It’s planned to be 60 stories tall.

The Independent, currently under construction at Third Street and West Avenue, is planned to be 58 stories tall. The building is billed as the tallest residential tower west of the Mississippi River. It’s expected to be completed by 2018.