AUSTIN, Texas — A 32-story tower is being built in Downtown Austin.

According to our partners at the Austin American-Statesman, the $170 million project will be built on Fifth and Brazos Streets.

The Statesman said the tower will add 274 new apartments to the area, along with two hotels — a "Thompson Hotel" high-end boutique and a "tommie Hotel," which is described as a "micro-lifestyle" hotel.

The building is expected to be finished late next year. 

RELATED: 

Inside Austin's first official million dollar neighborhood

Increasing rent pushes middle class out of Austin while nonprofit works to bring them back

Boomtown 2040: KVUE wants your input as Austin's population rockets

Austin's housing market is doing great -- but some neighborhoods are selling more homes than others

Austin-area office rents hit record high at year-end