CIM Group of Los Angeles appears set to build the tallest residential tower west of the Mississippi River.

CIM has closed on a $14.5 million purchase of nearly 2 acres in downtown Austin, Texas, the Austin American-Statesman reports. Along with Constructive Ventures and Aspen Heights, the Mid-Wilshire real estate company plans to build a 58-story tower. It not only would be Austin’s tallest building, according to the newspaper, the $300 million tower would be the tallest residential building in the West.

The tower, with 370 planned condos, could break ground early next year, the Statesman reports. The site was acquired from the City of Austin.