From what I understand, the Lan Su Garden is interesting in developing an approximately 50,000 sq ft Cultural & Heritage Center, which would include a theater, cafe, gallery space, greenhouse and offices for the garden. That's the mid-rise structure shown on the southern half of the block.
The high rise structure on the north half would be done by / in collaboration with a private developer, and depending on market conditions. I find it hard to imagine that a high rise hotel is going to be viable any time soon, especially in that location.
With that said, if they can pull this off it should have a really positive impact on the neighborhood... especially if the Key Development / Shigeru Ban project on the block to the west also moves forward.
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