It ostensibly is to be "affordable housing". The Georgia Pacific building is "slated" to do the same, conversion to apartments, in part. Both are smack downtown. I'm a bit dubious but wish them well. As for rents, your guess is as good as mine.
A two bedroom around us will easily get $3,000 a month in a new building, but this area is far more desirable as a place to live than downtown.