For sure it's reclaimed land, from 1980s I think? Wasn't this the quay for the Royal Navy as well? I think this is why it never got developed. The new Chinese Army HQ is just to the left. I think they finally did give up their waterfront for the now ongoing reclamation, the new promenade, and this project.
Anyway, for the last few years the big open space has been an amusement park.
A recent visionary proposal from London-based architecture firm Weston Williamson + Partners is highlighting the importance of cooperative transportation and land development planning. This conceptual plan for Hong Kong — dubbed Arcology Skyscraper — would see three towers with heights of up to 440 metres rise adjacent to Victoria Harbour, joined at the base by a sculptural podium, all set atop a section of the proposed 142-kilometre extension of the Guangzhou–Shenzhen–Hong Kong Express Rail Link.
Something big is going up in Kowloon, between Salusbury and Middle roads, across from East Tsim Sha Tsui station. A big site dug down at least 20 ft, all shored up. It's right outside my window. Pictures once it's light out.
Edit, it's deeper than I thought, they're down at least 50 feet. Will post pictures when I have time.
There's a lot of construction actually. I just went for a run along Victoria Harbour and there are many construction cranes. It's just that HK is so dense, and the new buildings aren't that tall. If you're living in a forest, do you notice a few more trees?
Will post pictures when I can.