A new rendering has been released for a mixed-use high-rise being built downtown on the southeast corner of Seventh Street and Rio Grande Avenue.

The development, which has formally been referred to as 7Rio, will be 24 stories and have 221 apartment units, according to Rhode Partners, a local architecture firm that is leading the design of the project. The building will also have 12 two-story lofts and 353 parking spaces, according to the Rhode Partners website.

7Rio was originally envisioned as a 32-story tower development with condos.

Construction on the development is estimated to be completed by May 2015, according to Michael Knox of the city of Austin's Economic Growth and Redevelopment Office.