New York City took this property by eminent domain in September 2007.
The first phase of development, a soccer field, began in March 2009 and was completed in January 2010. Construction on the second phase of this development began in Summer 2010 and will include a sloping grass hill, underneath which will be a building for community meeting spaces, exhibition space and the regional offices for the Parks Department and Open Space Alliance. This stage of development will also include extending the parkland to the waterfront. Phase Two construction is expected to be completed in the Summer of 2012.
[Update October 2012: Phase Two is still incomplete.]