Jarek 🚲
Per https://www.toronto.ca/city-government/planning-development/construction-new-facilities/park-facility-projects/new-park-at-229-richmond-street-west/ this is now indeed City owned and is still planned to become a park, but construction is not expected until 2015

I don't want to keep this "might change" note for another 2 years so I'll resolve it.