They've cleared and erected a sales centre on the site. I'm sure once they hit a certain percentage of presale's construction will start.
I'm cautiously excited about it though: sixth is the main street linking uptown and downtown New West, and this would be the second high rise apartment on the strip with a retail pedestal built in the last decade (http://www.vancouver-real-estate-dir...ges/amadeo.jpg
being the existing one). There is also a lot on Welsh and Sixth (a couple blocks down the street) which looks to be slated for development soon (half the structure has been demolished... leases are expiring on the remaining building).
That said, the cheap prices aren't helping with selling older apartments in the area, which sucks, as my girlfriend just bought an apartment in an older highrise downtown.