It's cost-driven by code requirements for structures with more than 4 wood stories, or so it's been explained to me. There's enough additional fire-proofing requirements that it's cheaper to just put in a concrete 2nd floor.
Looks to be beside Evergreen, with Stoney in between. I can't imagine how an urban/mixed-use development there would thrive unless it's car-oriented unfortunately. No mass transit planned to that area for sure.