What's Going on at SW Corner of Clark and Archer?

We've received a couple emails inquiring about pre-construction activity at the corner of Archer and Clark near Chinatown.  A reader writes:

Any idea what is going in on the southwest side of the Clark and Archer intersection, just east of the Metra? A fence has been up for a couple weeks and it looks like some sort of excavation.

Another reader did some more digging and found this:

Over the past week it looks like actual activity is happening in the Southwest corner of Archer and Clark right next to the Metra tracks. A sign had been up for a while talking about a retail project but this is the first hint of progress on it.  I found this on the internet (from Chicago Architecture back in mid-2015).

Unfortunately we don't have much more information and this looks plausible in our minds.

If you're a history buff you may recall that there was a "beautiful" hotel planned for a lot right around here (see Sloopin post from 2009).  That ain't happening obviously.

Anyway, does anyone know anything else about this?

(Hat tip: JT and MG!)