CCAT will be a 25 meter diameter telescope optimized for observations at a wavelength of 350 microns. It will be sited at an elevation of 5600 meters on Cerro Chajnantor in the Atacama region of northern Chile, above the ALMA site. This site provides substantially better submm transparency than the ALMA site and this, combined with its larger diameter and very good surface, will give CCAT a point-source sensitivity as great as the entire ALMA array. With an extensive set of array instruments CCAT will be much faster than ALMA for a variety of types of surveys. An international consortium of universities and research institutions is currently developing CCAT and raising funds for its construction that is planned to begin in late 2015.