Demolition of the Claim Jumper at RTC is underway

At a recent Council meeting, CM John Stilin said the demolition of Claim Jumper was underway.  It will be replaced by the "Archer Hote.l"  Mr. Stilin said it will be one of only four "boutique hotels" of its kind in the nation.  The hotel will be 7-stories, with parking on the first floor.  Parking can't be underground owing to the aquifer.   
Is it remotely  possible this event is the genesis of Redmond Town Center gentrification?  

Archer Hotel

Address: 7210 - 164th Ave NE
Project Type and Number: Site Plan Entitlement-LAND-2015-01974
Click on "Critical Areas" for a complete description.

Vicinity Map; Notice of Application; Process Flow Chart

Initial Submittal
Site Plan
Tree Preservation Plan
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Additional Project Notices SEPA-2016-00779, Critical Areas, Cultural, Geotechnical, Traffic