I agree with you.
After looking and re-looking at the parcel I too think that there could be some underground parking for a mid-rise apartment building. The builder would have to be creative to design something which meshes with the town homes, seminary, and the arena across the street. I would think a mid-rise would fit well with the arena across the street and the town homes.
Not everyone would pay top dollar to live directly across from an arena, but I think some would. Yet, for someone working in downtown, Midtown, or New Center they might pay big bucks for a 5 - 10 minute streetcar commute to work. Beats an hour, any day.
High end apartments with an underground parking space might fly in a neighborhood where selling prices and rental prices are rising significantly.
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