Hold on to your butts!
I got too antsy and decided to do some research since construction seems to be imminent. I found a plan review that was submitted in January for a new address and name for Central Park East. The development is now called "Kenect Phoenix" (Plan Review 17-1153). The description calls for 20 floors. HOWEVER, I also found a website with renderings for a 24 story tower (6 floor garage podium, 17 floors residential and ground level retail) The website happens to be hidden and is not linked on the projects page which probably means it isn't meant to be seen yet. Oops! Along with renderings, there is also a short video and a nifty 3D rendering that's fun to mess around with for multiple angles.
In the first rendering, you can clearly see Hampton Inn which verifies this is what the newest rendering is. The existing entrance on Polk will go under the tower to access the garage and the tower will butt up against the Hampton Inn. New renderings look good!
https://www.perkinswillvx.com/phx
*Edit: I missed that the site plan review was posted back in January. So enjoy the renderings!