Here's the West Village plan that council approved in July 2010 (when Bronconnier was still mayor):
http://wpmedia.blogs.calgaryherald.c...illage_arp.pdf
Westbound Bow Trail will be realigned as part of the plan, as will the 14th Street interchange with Bow Trail.
This is a preliminary plan and isn't designed to start implementation until the East Village is further along, although it mentions that the 14th Street revamp and other road work could start sooner.
One big caveat around the project is the issue of the contamination of the area. There has been some speculation that it's so badly contaminated from the wood treatment plant and car dealerships that it could never be cleaned up to the point that it could be approved for residential use.
Regardless of what is built there, it will require a significant amount of money to get it ready for development ... money that will almost certainly have to come from the three branches of government.