The concept, and its only that, we're some distance from the general idea being rolled out, completely eliminated surface parking at Canada's Wonderland, with parkades/underground lots replacing same. I see that as a huge step forward.
There is expanded year-round use contemplated, including hotel/resort space.
There is nothing in the concept that precludes some form of long-term residential; though Wonderland will be cautious w/that, because if they sell the land, its not theirs anymore, and if they build purpose-built rental, it will be subject to legislative protections that may make repurposing those sites off-limits.