According to the architectural plans, there'll be 3 underground levels of parking.
41 parking spaces and 737 cycling spaces.
It looks like it's going to use some sort of parking elevator system to move cars in and out of their spots, since it's a tight space.
They haven't dug out any area other than a level or two below what's shown in the photo above.
So, it looks like they are currently pouring a concrete slab at grade to use as a staging area and crane pad... and then will excavate the rest of the below grade levels afterwards.