I'd bet they'd tear the entire thing down and use the space as fast as possible and using the plot as a form of..holding area for the time being.
I would suspect that Infastructure is going to start in the next 1 to 2 years for the plot down near the OCCC so it would therotically make sense that they hold off plans for the Wet and Wild area for the time being. Hell, I could see them using the parking lot as an overflow space if they need too, and have buses take guests from that parking lot to the transportation hub at UONorth.