I'm minimally surprised to see a new tower proposal - especially for its location at 12th & San Antonio. Stratus is the developer and SCB is the architect. SCB designed Hanover's residential towers. It's 31-stories and 357'.
Street level rendering:
The site from Streetview:
The info is from a backup file for the HLC Architectural Review Committee Meeting this week.
http://www.austintexas.gov/edims/document.cfm?id=347011