What's going on with this property on the 2500 block of Michigan?

My friend and I spotted this project today. It appears someone is going Frank Gehry on this building ala the La Feria tapas joint on Cass. So what's the story?

http://detroityes.com/webisodes/2016/michigehry.jpg

For perspective this is down the street from the former Izzy's gallery [on the left below] and across the street from the former Zeitgeist / Michigan Gallery.

http://detroityes.com/webisodes/2016/michigehry2.jpg

The building permit pulled for this building notes that it's being converted into 4 residential lofts.

Looks much better than the google maps image.

https://www.google.com/maps/place/25...6618b3aa?hl=en