Looking at the Google map picture I see that there are some splices in the loop.
I wonder if the line was somehow snagged and damaged during the construction next door and just quickly spliced by the power co to keep the feed to the transformer next to the pole active.
Having a few minutes at lunch..... Spun this around a little on Google Earth, and if you look carefully, there is the base forms in place for a new pad mount xfr.
Had time to kill at work tonight and checked the current Google Maps and in the June 2012 street view picture it looks like is fixed.
There is a pad mounted TX in place for the new building (auto zone) that was under constution in the origional pictures. Maybe it was fixed during the TX installation?