A skyscraper in Melbourne has been approved and will become the tallest building in the southern hemisphere.

The Huffington Post reported that the skyscraper has been called "Australia 108" and its plans would be to become 388-meters which is approximately 1,273 feet.

The project is expected to cost $622 million, reported CNN and will take a projected three to four years to complete. Victorian Planning Minister, Matthew Guy approved plans for the project this week that will be built on Southbank Boulevard.

"When complete, it'll surpass Melbourne's Eureka Tower (297 meters) and overthrow Q1 (322 meters) in Queensland's Gold Coast as the tallest building in the southern hemisphere," reported CNN.

The design is being done by Fender Katsalidis Architects who also designed Eureka Tower. It will include 108 floors of residential apartments, a "six-star luxury hotel" and a sky bar as well as recreation facilities.

 "Australia 108 has the ability to define Melbourne and signify our coming of age as a dynamic and progressive international city," said Nonda Katsalidis to CNN who is co-designing the tower. "Nothing like this exists in our part of the world."

The hotel in the skyscraper will be from level 83 and include 288 luxury rooms.

"The design of the lobby on level 83 will appear to be hovering over the city. In addition to the two restaurants and bars, the lobby will feature an observatory lounge with sections of glass floor for brave souls hoping to see the ground from above," reported CNN.

Australia 108's website states that the building uses the Commonwealth star on the Australian flag as  an inspiration for " the starburst architectural features at the summit of the building. Australia 108 is crowned by a six star hotel, giving apartment owners a unique opportunity to share in the features and services of an international class hotel. The hotel has its lobby on the 84th floor, where residents and their friends can access two restaurants, two bars and lounges. A fresh food market and café at ground and lower levels will add to the remarkable amenity of Australia 108."

See photos here.