...it won't be a very large park, will it? Maybe a playground.
Small park but certainly larger than a playground. They are constructing a stormwater collection basin, fishing pier, paved trails, etc. Details here:
Silly question, but there are a lot of buildings there now, right? What happens to them?
The old dorms are being torn down. The city bought the land from the University.
Aha. I found a Rodney dorm near Academy St (which. Referred to above) but my memory told me there was something on the west side of town. Sounds like a nice place for a park.