I think that's a bit of a cop-out answer by WT. My understanding is that WT has not dedicated funds (or requested additional funds) to construct the park yet because of a combination of factors, largely (a) the parking lot generates profit for WT, and (b) the space may be used to temporarily act as a streetcar loop while the new underground streetcar connection is built from Queens Quay to Union Station (not sure what the status is of this, last I heard there was a new report/plan coming to City Council sometime soon).
Additionally, I'm betting WT's plan is to construct the park only around the time the area becomes fully developed - in other words, when One Yonge and Sugar Wharf are near completion. Unfortunately that's going to be a while still.
I'd absolutely love to see the park there built ASAP (a parking lot in such a prime waterfront position is u-g-l-y), but, if there is a silver lining to the delay, it may be that this park, the Queens Quay-Yonge intersection, and the Yonge slip are in such a prominent position once the area is fully developed that it could rightfully demand a huge and integrated revamp of not just the parking lot, but the whole immediate the area. I forget where I saw the picture, but there is a rendering somewhere of what the area could look like with the Queens Quay East streetcar dipping underground at Yonge, making a huge chunk of the intersection (i.e. the part above the tunnel) a pedestrian-friendly boardwalk and essentially an extension of the park. Combine that with the Westin Harbour Castle hopefully re-imagining and pedestrianizing its side of the slip, along with the new ferry terminal, a wavedeck, and a footbridge connecting each side of the slip, and this has the potential - the potential - to become a landmark area of Toronto.
