That appears to be this, although I'm confused by the permit timing being very recent:
Land Use Application to allow a 6-story, 70 unit apartment building with a 6,600 sq. ft. childcare center located on the first level. Parking for 9 vehicles provided on site and off site. Existing structure to be demolished. Proposal also includes the transfer of site from the City of Seattle to the Low-Income Housing Institute (LIHI) and City funding for the project.