Check out this diagram.
Everything that you see in green above isn't there at the moment.
Basically we noticed them demolishing these old warehouses on the docks but assumed they were rebuilding them or putting housing out there.
It's going to be a number of year but according to this website http://www.brooklynbridgeparknyc.org/ Pier 1 (the pier in the middle nearest the boat wake) will be finished in less than 12 months from now in winter 2009.
Also i couldn't find any details but looks like there is a marina in the back near Pier 6!! It's like going to bed and waking up with a tree growing at the foot of your bed, way cool.