This project has an interesting history. It was meant to be a 'sister' project to Grant's Landing and Virginia Lake Crossing...with a layout akin to Grant's Landing, but looking identical to Virginia Lake Crossing's rowhouse-style design.
Construction began, all the ground work was done, very similar to Grant's Landing, where street were laid, and a couple of sample light-posts were installed. In this case, vertical construction had begun when a gargantuan fire burnt the whole thing down. The project never recovered, though the burnt-down mess was cleaned up. The lot remains vacant to this day.
ADDED 2-9-07: These will be a quaint set of townhouses across the street from Renown Medical Center. There will 164 units, and one of the main goals of the project is to provide affordable housing, particularly to employees of Renown Medical Center
The project will be rowhouse concept, much like Virginia Crossing between Virginia Lake and Virginia St. A central grassy area will be ideal for BBQ's, volleyball, etc. I know this isn't downtown, however because it's goal is to provide affordable housing, it gets a gold star in my book.
Here is a link to the PDF they submitted to the Planning Commission. This will be a great project to boost this area.