The have just submitted to the city for review a plan for putting in 100-125 new homes on this site. It should take 12-18 months for environmental approval and they probably won’t be able to start any real work on the new homes until 2015.
The new site is tentatively being called Sutter Park Neighborhood. Here is the current proposed site plan. As soon as I can get my hands on a better picture of it, I will upload it.