There are two components to the under construction project, from Shea Properties, located in Vantis in the City of Aliso Viejo. According to the OC Register, the project consists of one hotel building (129 rooms; based on pictures it looks to be 4 stories tall) and an apartment building (435 units; based on the renderings it looks to be 4-5 stories tall). Based on the most recent pictures, the hotel portion of the project is further along and the apartment complex appears to be a "wrap-around' design where the residential units are wrapped around the parking structure. Currently, the parking structure is being built.
Project Location Map:
Aerial Picture From http://www.sheaapartments.com/apartments/vantis/site-plan/