Something is happening. There is a rendering of the new building posted to the hoardings. It looks very generic, boring "retail" type building. It doesn't look like there will be any apartments over the shops.
It's zoned for office/retail (believe office will only be on the top floor). Rumour has it that the Rock will be moving into the sublevel and, if you look closely at the rendering, you can see the logo on the left.