The pedestrian bridge is currently there, but will be removed for this project. Blackfoot Trail has 3 northbound lanes south of the bridge, and 3 northbound lanes north of the bridge, but only 2 at the bridge, because the bridge is in the way. The bridge will be removed to facilitate the full 3 northbound lanes, and also to facilitate a proper signalized intersection to access this development (and the west leg will be to access the park on the west side). Pedestrians will now be accommodated by having a painted, signalized cross-walk.
Calgary Transit route 106 does operate on this section of Blackfoot Trail. A stop will be provided at this new signalized intersection. If you lived here, you could catch the bus to/from Southland C-Train station.