Yes, the truth is you would need to assemble the bus lot along with the adjacent parcels (if I recall correctly there are four of them) on the corner in order to make something happen. It's not feasible to try to build multi-family on that 28k sq ft lot. By the time you get done with site improvements, driveway, and landscaping there isn't room for more than one building.
The parcels on the corner have been available on/off for several years and I've seen good offers be declined but they may be trying to take advantage of the current wave and banks are still giving money away. If someone is indeed buying the parcels and are making it contingent on developing the bus lot, they're doing it pretty quietly because I have not heard a peep.
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Mr. K the monopoly man
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