South by Southwest is getting a new home.

South by Southwest Conference and Festivals announced Tuesday that a new 12-story building set to break ground in the summer of 2017 will become "an iconic headquarters for the Austin-based company."

"SXSW has been on multiple campuses for some time, so for us this space will be about consolidation and communication – allowing us to bring all of our departments under one roof again," SXSW CEO Roland Swenson said in a statement.

The building, which will offer space for other Austin creatives, will stand at 1400 Lavaca Street.

"Ultimately, we imagine a building that houses other creative companies and fosters collaboration between artists, media-centric companies and innovators," Swenson said in the statement.

The lead architect of the building will be Pei Cobb Freed and Partners.