Thanks for posting the larger photo.
It comes from that very August 23 2003 online article in Vatan newspaper ( http://www.vatanim.com.tr/cat/haber_detay.asp?New ...tegoryid=2 ) where they describe it as the unfinished construction of "Le Tat's Grand Hotel" by Mustafa Tatlici. If you compare it to these other two photos of the site below, you will see that we are talking about the same site and same construction (next to Movenpick):
As for the ongoing (and currently also stalled) construction behind the new Garanti Bank HQ that you refer to in your post, you are absolutely right - that one is also owned by Tatlici, but is a different investment and construction - "Levent 2002 Residence" (you can see it at this photo - http://www.emporis.info/en/il/im/?id=100470)
Apparently, in their heydays, the Tatlici brothers got all these permissions for all these vast investments in Levent and Sisli but, with later financial troubles coming down hard on them, they could finish only some of those (Zincirlikuyu TAT Center I and II, Sisli TAT Center I and II, and Sisli TAT Center Hotel), with their other investments getting mired and never taking off - "Le TAT's Grand Hotel" next to Moevenpick and "Levent 2002 Residence" I and II behind the new Garanti HQ).
I hope we will witness the resumption of all these stalled investments in Istanbul - Tatko Towers, Le TAT's Grand Hotel, Levent 2002 Residences, etc., sooner rather than later.
Unfinished towers of Istanbul or what the 2001 financial collapse did to the skyscraper scene of the city.
Tatko had to stop the construction of its 2X28 office and residence towers (at their 4th and 5th floors) and, subsequently, sell them, in December 2002, to Disbank. No movement on the site so far.
Mehmet Salih Tatlici had to stop the construction of his 2X20+ floor "Levent 2002 Residence" in Etiler. Only foundation was dug out and left.
Mustafa Tatlici had to stop the construction of its 100 meters tall "Le Tat's Grand Hotel" in 4. Levent, right next to Movenpick. Only 4 or 5 underground floors were completed. The site and construction were up for sale last October. (BTW, any news from or movement on the site?)