Century Group’s mixed-use tower in downtown Surrey has a new name: 3 Civic Plaza. The 514 foot high-rise will feature 50 storeys and become the fifth largest tower in Metro Vancouver.

Century is touting the project as the “preferred address for those wanting to live in Surrey’s new transit-oriented civic hub.” The tower will include 330 residential units above a 160 room Civic Hotel. The project will also feature a large meeting space to accommodate over 300 people and a ground-level restaurant.

According to the Surrey Leader, the City’s Development Corporation is holding a multi-million dollar stake in the project, providing $6 million for the land and $7 million in cash. This investment was leveraged to obtain the hotel component of the project. 3 Civic Plaza is estimated to cost $125 million total.

Sales for 3 Civic Plaza will begin in October with construction planned for 2013. It is expected to be complete by the Fall of 2015.