The Austin City Council Thursday unanimously approved a new mixed-use development on the banks of Lady Bird Lake.

Developers are now free to move forward with design and marketing for the $117 million redevelopment plan.

It will preserve the old Seaholm power plant -- which has been shut down since 1991 -- and add a high-end hotel and condos.

Construction is expected to begin in 2009 and take two years to complete.