Yes, Phase II will add another building around the parking deck.
"The phase two residential building will be seven stories and will wrap around three sides of the parking deck, so the structure will only be visible from Ridgewood Drive."
"When complete, the project will increase Emory’s supply of available graduate student housing by providing 1,000 beds in a mix of micro-studio, studio, one-bedroom and two-bedroom units. The project will include a 275-space structured parking deck for students who want to pay a premium to park near their apartment or students can park at existing Emory parking decks on campus. However, since this site was chosen in response to students’ preference for a pedestrian lifestyle, the expectation is many students who used to commute to campus will no longer need to drive."
Phase I will also include a coffee shop and 10-foot multi-use trails along North Decatur Road and Haygood Drive.
Interesting side note: video about a civil-war era house formerly on the site:
https://www.youtube.com/watch?v=o7mV3qowlG4