It's a stone's throw away from Navon and already connected by a light rail. There's a reason there's no rendering.
The renders you posted are precisely of this central station. They are not renders of the Khan station.
Here is another one, credit Ian Bader Architects:
The station is very important, because it makes no sense to force riders from outside Jerusalem to switch to the Red Line LRT and then to the Blue Line to get to Jerusalem's current main business districts. The Red Line is also running more or less at full capacity right now. IR simulations have shown that this station will not draw significant traffic away from Navon Station.