Something will be built there for sure, I think someone also published a plan.
What currently exists there is crap and doesn't fulfill the location it's standing on (I think it's a per hour "hotel" btw, think I saw a sign once).
There is/was a plan to build a building kinda sorta similar to Flatiron building in NYC.
A "triangular" tower of sorts.
There is render somewhere on the forum.