I have to think that if the land had value, then we would see something on at least part of the site by now. The private market has simply not been willing to step to the table. This is clearly public land and should be - it would be in many waterfront cities such as SF or NYC.
I don't see why the port or some public entity wouldn't want to own it in partnership with the city/P&R, redevelop it as park space, and then allow for private entities to come in and build stuff on allotted portions under ground leases, a la Landing. Someone has to get creative here.
Between Jags games, the Arena, BBall park, concerts at Met Park, the Riverwalk, Hyatt Hotel and E. Bay St bars, etc, there is enough of a seed to create even more activity on this land. I would love to see lots of open greenspace (albeit done well with landscaped areas and interesting features), mixed with restaurants, would have been great if the city moved forward with Intuition Ale, etc etc. If you get enough foot traffic in the area consistently, maybe one day there could be an interest in a well capitalized private fund that can do something more spectacular with the site (and I'm not talking condos and high rise office - more public market/event/boutiquey office/hotel or low/mid-rise condos on a portion).
