Update on the project: The office tower (tower 1) is finished. It is 27 floors and 375 feet tall. It has "Alliance Bank" at the top and you can see it in my second picture.
Tower 2 consists of a hotel base (11 floors) that was finished in mid 2012. Recently the developers started construction of the apartments above the hotel. It will consist of 12-14 floors of apartments on top of the 11 floor hotel. The building permits indicate that there will be 242 apartments. The building should be about 300 feet tall when completed. The hotel has a pool on the third floor above the Tilted Kilt. The apartments will have a pool on top of the hotel on the 12th floor on the south west corner.
The project consists of two whole city blocks both with underground parking. One block with smaller retail buildings and a courtyard, the other block with the two towers (and retail). Overall the project was scaled down from its original plans but considering the economy, it's pretty good.
Here are recent pictures:
From the south:
From the east:
As you can see in the pictures, they've started putting the framing for the exterior walls up on the lower levels.
This is from the courtyard north of the new Maricopa County Court Tower:
Mods: it may be a good idea to re-title the thread and take out the reference to Tower 1 since It's complete and update the numbers for Tower 2. It should probably say ~310 ft and 25 floors.