A new convention hotel is slated to open in 2015, operated by Toronto-based Fairmont Hotels & Resorts, at the northeast corner of Red River and Cesar Chavez streets. The $350 million project will be at the site of what is now a surface parking lot.

The project's architect, Gensler Austin, reduced the original planned number of rooms from 1,035 to 1,000 in order to have larger accommodations for guests. Manchester Texas Financial Group is the principal behind the project. The company is a subsidiary of Manchester Financial Group, which is headquartered in San Diego.

The hotel will stand at 50 stories, and at 580 feet tall, it will be the second-tallest building in Austin's skyline. Fairmont operates another Texas hotel in Dallas, The Fairmont Dallas.

"Austin is currently seeing tremendous interest and growth in the convention market, and with its reputation as a dynamic, vibrant capital city will be a great addition to our portfolio," Fairmont Hotels & Resorts President Jennifer Fox said in a news release.

According to Fairmont, the project is expected to generate approximately $6 million in hotel occupancy tax and contribute $4 million in annual property tax, most of which will go to the Waller Creek tax increment financing district. It will add roughly 1,000 permanent jobs to the Austin.