Haven't stopped there in some time, it's adjacent to a ferry landing, and I think supports a small store that may or may not be part of it.
Doubtful there's any major development of any kind going near there. Seems to me it's been rundown, but it's surely a prime piece of waterfront. It's at the opposite end of the bay from the Marine Park.
Here's a recent GE image of the bay, the marina right center. Looks busy!?!