While there maybe some activity on the lot, I can't imagine they could start on construction on this project for at least 6-12 months. There is no permitting activity for the lot (which you can check by going to
https://www.portlandmaps.com/advanced/?action=permits, Property ID R150026). Permitting on a project like this would take at least 6 months.
Before it goes for permit, the design would need to be approved first. As far as I know the design has not been approved yet. I don't know how to check where it is within the design review process, but Maccoinnich and his awesome site NextPortland.com are very good at posting when projects move through the design review process.