Stumptown Confidential

You have it exactly right. That indeed is the I-5, a.k.a. the Eastbank Expressway, being installed on the right bank. The two ramps that begin just under the Burnside and curve off the right hand side of the photo is the entrance to the Banfield Freeway, which if I understand correctly, was realigned from ramps that somehow connect to East Burnside near the bridge to connect into the new system.

I have old maps of Portland and they are mighty unclear on that point.