Instead of converting the space into market-rate condominiums and retail space, the building will contain a rock climbing wall, playscape, obstacle course and a state-of-the-art archery range.
It remains to be seen where the additional funds needed to complete this project will come from.
*UPDATE*
It turns out that the plan only calls for a portion of the building to be used for the playscape. A private developer will develope the rest. M-Bike.org has posted a few renderings of the building developed by the DNRE.