03/21/2013 10:06 am ET

Australia 108, Melbourne Skyscraper, To Become Tallest In Southern Hemisphere

Melbourne officials approved plans this week to construct a 388-meter (roughly 1,273-foot) skyscraper dubbed Australia 108, which would become the tallest building in the southern hemisphere.

The project, which, according to CNN, would cost $622 million, will take three to four years to complete (around that same time, another "tallest building" is due to be completed in South Africa).

According to the designers behind the project, Fender Katsalidis Architects, the building will include a "six-star," 288-room luxury hotel with a lobby that will sit on the 83rd floor (the hotel will occupy floors 83 to 101).

Nonda Katsalidis, co-designer of the tower, told CNN Travel: “Australia 108 has the ability to define Melbourne and signify our coming of age as a dynamic and progressive international city...Nothing like this exists in our part of the world.”

To put this new skyscraper in perspective, the world's newest tallest hotel - -the JW Marriott Marquis -- opened in Dubai last month at 1,164 feet. London's The Shard, which also opened to the public in February, stands at 1,016 feet, making it the tallest building in Western Europe.

Check photos of the JW Marriott below.

World's Tallest Hotel Opens in Dubai
Sign up for our email.
Find out how much you really know about the state of the nation.