Update -- Since YNN ran this story, American Campus withdrew their offer for the property on Martin Luther King Jr. Boulevard and Colorado Street. The disposition of the property will be determined later by the land commissioner's office.

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Austin-based developer American Campus is proposing to build a five-story, high-density student dormitory on the southwest corner of Colorado Street and MLK Boulevard in Downtown Austin. The land, currently a parking lot, was auctioned off by the General Land Office earlier this year.

Steve Bresnen lives in Cambridge Tower, next door to where developers plan to build. He says the proposal clashes with buildings and businesses currently in this portion of downtown Austin.

"With the Bullock Museum and the Blanton and the HRC and then the AT&T facility across the street,” Bresnen said. “That's our concern. It’s just the use that is not appropriate for this area."

Cambridge Tower residents came up with an illustration based on conversations with American Campus. Bresnen told YNN the development would almost block the entire Capitol view from the north.

The developer has until this weekend to lay out a concrete plan to state leaders.

According to the city planning and development department, developers plan to build four-bedroom units—known as quads—five stories high.

Those against construction plan to express their views to the Austin City Council on Thursday.

Phone calls and emails to American Campus were not immediately returned.