Much of the land between Portage Bridge and Parc des Portageurs is owned by Domtar. I'm sure the NCC wheels are churning to acquire it now that Domtar is closed, but it takes time to negotiate and get money from Treasury Board.
That land plus the Kruger/Scott plant was once all owned by the Weston family (of Loblaws fame). Domtar paid about $800 million for the EB Eddy operations ten years ago -- I hope it doesn't cost the NCC that much to get the land. I heard that one of the most valuable aspects of the property is the right to generate electricity from the falls and it was this free energy source that kept the plant viable. In contrast, I think the NCC paid $25 million for the Kruger/Scott site.