A new proposed skyscraper could soon change the look of Downtown Austin's skyline, with plans calling for a building that could potentially surpass the tallest tower in Texas.

The proposed development, known as Project Bolo, would transform an existing parking lot at the corner of Congress Avenue and Fourth Street into a high-rise building, directly across from Frost Bank Tower.

Project Bolo has submitted a rezoning application to the city of Austin. If approved and built to that height, the tower would surpass the Waterline, which is the state’s current tallest building at 1,025 feet, by 175 feet.

Waterline became Texas' tallest building after overtaking Houston’s JPMorgan Chase Tower, which previously held the title since 1981. The 74-story Waterline includes 352 apartments, a hotel, offices, as well as retail and restaurant space.

The rezoning request covers 0.42 acres at 402 and 408 Congress Ave. The properties are occupied by a parking lot and a vacant two-story building that formerly housed a Newk’s Eatery.

The application seeks to change the properties’ zoning designation from DDB400 to DDB850 under the city’s Downtown Density Bonus program. According to the rezoning application, the change would allow a building up to 1,200 feet tall, compared with the current allowance of up to 750 feet for participating projects.

The rezoning request remains under review, according to city filings.

According to an attorney representing the developer, the current proposal calls for a 71-story building with 87 condominiums, 221 hotel rooms and a restaurant. Those plans are subject to change.

What could the skyscraper mean for downtown Austin?

The proposed development is drawing attention from neighboring businesses, including Speakeasy, the longtime bar and nightclub located next door.

Owner Michael Girard said his business is preparing to celebrate its 30th anniversary next year and is focused on the long term.

"I do think it's a big plus for the city to have allowed higher taller buildings because property taxes," he said. "You can get a lot more revenue off of your real estate downtown."

However, Girard also acknowledged that construction could create challenges for neighboring businesses if the project moves forward. He expects the potential benefits once construction is complete could outweigh those disruptions.

Hotel rooms and condos planned instead of office space

The proposal's mix of hotel rooms and condominiums is also drawing interest from local real estate professionals.

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