Question, could it be a film covering? I've seen that on other buildings where the "spandrel" has a protective film that in the sun starts to bubble and look like that. They then remove the film close to building complete. I haven't gotten close enough to the building to notice if it may have a film on it (like you get on plastic on electronics and screens and such when you buy them).
If it isn't, then yah the bubbling looks pretty ugh for a building that has been touted as higher quality than anything around there.

it just seems crazy that every single panel would be doing that, to me it appears to just be protective film bubbling in the heat and hopefully they'll remove it once the construction phase is near complete.