I heard the same, that the town bought it to make it back into a park which it originally was, I think back in the 1920s. I had read a history of the area once and my dad had told me about it. There was a park area, the center section that sticks out into the canal had an area for concerts, and there were gondolas like in Venice to take people for rides.
From what I heard there will still be dock space, but less than there is now. So I supposed it will be a town marina/park. Normally I like the idea of more parks, but I don't see that as a good spot for one, and you hate to see more dockspace and winter storage space disappear. But the story I heard was that the owner is losing money and is looking to get out of the place. I don't know the details though and couldn't say for sure how accurate what little I did here is.