Assuming another phase gets built just on the surface parking lot and not on the "proposed park block," well, that's not very promising. That park will probably be horrible. Instead, they could create a quad (closed or open-faced) by building buildings around the edge of the site...quads can be tricky to get right, requiring quality finishes and landscaping and relying on finicky proportions, but when gotten right they're a character goldmine. Campi get their heaviest use between September and April and the jagged "park" as proposed will likely get virtually no sunlight if the surface parking lot is replaced by anything over about 2 storeys. It doesn't seem big enough for any kind of playing field, either, though perhaps the adjacent/northern site will have a field, or perhaps there'll be a suitable public park nearby. I'm sure the campus will compensate by having acres of paving stones and concrete planters surrounding the buildings and ginormous atria inside them - sterile and with limiting seating, naturally.
But maybe the proposed "park" will snuggle up against the buildings as charmingly as Philosopher's Walk...yeah, right. They could turn it into a laneway, with benches and bricks or cobblestones and the sort of small trees that are perfect for stringing with Christmas lights, but I'm sure they won't. The campus seems modelled after a typical suburban office park complex and they're already calling it a "park," so it'll probably be a culvert- and drain-laden swale with a few mingy evergreen shrubs and a thousand bike racks, and fronted by blank walls and emergency exits. There will be a cafeteria patio, but it'll be a sea of concrete and situated in the darkest corner they can find. And it won't be cleared of snow in the winter, except for a few short paths that smokers make.