Various Plans for that side of 3rd Avenue have been tossed around and dreamt up for a few years now. Here's an uncomprehensive list of the latest from the last week or so:
The Official Press Release: July 20th, 2009
From The Brooklyn Eagle: This new vision for Sunset Park includes not only new businesses and job creation but improvements for the community. The section east of the industrial area will be rezoned in order to preserve the local residential community and to encourage the creation of more affordable housing.
(Notice the mention of the rezoning - sounds like a done deal, doesn't it?)
From Brownstoner (also includes the press release link): Specific initiatives include an $80 million overhaul of the South Brooklyn Marine Terminal, an $8.6 million modernization of the Bush Terminal and improvement of the freight rail service in the area. Another $37 million is slated to build the Bush Terminal Piers Park, which will add 22 acres of open space through the remediation of a former brownfield.
From the Community Newspaper Group (yournabe.com): The Sunset Park Waterfront Vision Plan would see the activation of 3.5 million square feet of previously fallow industrial space, the addition of 22 acres of parkland, and the creation of 2,000 industrial and construction jobs over the next two years, and a total of 11,000 jobs in all.