New Constuction 3rd and President...hotel?

Construction fence is going up this morning on corner of 3rd and President at the old 1 hour drive through dry cleaners and used car lot (where in 4 years I never saw a single car sold). Rumor is hotel but neighbors were never approached for purchasing lots....I don't see how the site is large enough. Only a fence permit out on DOB site, anybody know more? I have a feeling this is going to be done on the cheap and take years.....oh well....hopefully its condo's or rentals even though zoning doesn't allow it. I'd much rather have neighbors invested in the community than transients.