In the latest proposed addition to Austin's rapidly expanding skyline, a Texas developer says it wants to build an 80-story apartment tower downtown that could become the tallest building in the state.

Wilson Capital said Monday that the project, called Wilson Tower, will be built at 410 E. Fifth St., on the site of the Avenue Lofts.

Plans call for Wilson Tower to be 1,035 feet tall, which would make it taller than Waterline, a project already underway at 98 Red River St. that is slated to be 74 stories and 1,022 feet tall. At that height, Waterline would become the tallest tower in Texas, surpassing the 75-story JPMorgan Chase Tower (formerly Texas Commerce Tower) that soars 1,002 feet into the air in downtown Houston.

However, if the Wilson Tower is completed at the proposed height, it would top Waterline as the tallest tower in the state.

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Wilson Capital said its skyscraper would have 450 apartment units and a "signature restaurant and bar" on the ground floor. Units will range from studios to three- and four-bedroom penthouses.

The estimated groundbreaking is in the summer of 2023, the company said, after demolition of the Avenue Lofts.

“We have owned the site since December 2021 and look forward to starting construction next year," Taylor Wilson, president of Wilson Capital, said in a statement. "We are passionate about making a meaningful contribution to the city we call home.”

The company did not immediately provide details related to financing for the project and its estimated cost. An estimated timetable for the project's completion also was not provided.

Charles Heimsath, an Austin-based real estate consultant who conducts market research for many developers' projects, said he thinks Wilson Tower has good prospects for becoming a reality.

"While the current lending environment is challenging, this project has a terrific location, outside of the Capitol view corridor, and should have little trouble getting financing when it gets closer to breaking ground," said Heimsath, president of Capitol Market Research.

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The proposed Wilson Tower would be near the Sixth Street entertainment district, the Austin Convention Center and Capital Metro’s new downtown light rail station.

The tower will have valet services and four floors of amenities, including a pool deck with food and beverage service; a full service fitness and wellness center; a cocktail lounge and movie theater; co-working spaces; and "a floor dedicated to pets, outfitted with a pet playroom, grooming center and dog run."

Wilson said the project will add to the density along the city’s transit corridors "to accommodate the unprecedented level of population growth Austin is experiencing."

Designed by the Austin office of global architecture firm HKS Inc., with interior design by Britt Design Group, Wilson Tower will add to the ongoing number of high-rise towers on Austin's changing skyline.

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Another project, called Sixth and Guadalupe, has topped out at 66 stories and is due to open next year.

Michael Lynd Jr., a co-developer of Waterline and Sixth and Guadalupe, said that despite uncertaininty in the real estate market with the economy contracting and unprecedented inflation, Austin remains "one of the best markets in the country."

"We are confident in Austin’s long-term growth prospects and massive macro tailwind," said Lynd, chief executive of Kairoi Residental, which is developing Waterline and Sixth and Guadalupe with partner Lincoln Property Group. "Austin still possesses an unparalleled lifestyle, an incredibly educated workforce, and it enjoys the advantages afforded by Texas’ tax and regulatory environment. These attributes will continue to be attractive to businesses interested in expanding or relocating."

This article originally appeared on Austin American-Statesman: New 80-story tower planned for Austin could become tallest in Texas