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A San Diego firm that develops and manages high-profile hotel and convention center properties plans to build a $350 million hotel with 1,035 rooms in the Waller Creek area just east of the Austin Convention Center.

The hotel would be built on land that is now a parking lot at the northeast corner of Red River and Cesar Chavez streets.

The Austin project would include 115,000 square feet of meeting and exhibit space, along with two restaurants and retail space.

Another convention hotel project also is being planned, a 1,003-room Marriott Marquis that White Lodging Services Corp wants to start construction on in about nine months. The hotel would be on Congress Avenue between Second and Third streets, and the city is considering waiving up to $4.3 million in development fees.