According to Save Pleasure Island Blog roving reporter Thommy on the ground at DTD:
12noon: Press announcement apparently delayed due to poor weather at DTD.
1pm: DTD Disney management is in a town hall meeting right now with Tom Staggs. Even though the announcement to the press is delayed, CM's will be briefed on what's coming.
3PM Staggs confirms Downtown Disney changing its name to Disney Springs and Pleasure Island will be The Landing. There will be two parking garages built; the one previously rumored near World of Disney and another near Cirque. As reported on the Blog before anyone, Pollo Campero is closing with the building to be demolished to allow WOD to expand. This will occur at the end of this summer. Pin Traders will also be demolished. Earl of Sandwich to be remodeled and expanded. By mid-summer heavy construction will be taking place in the complex. Someone on another website posted that construction will take 16-19 months to complete. I would expect construction to begin soon.
New store and restaurant names were not announced. See prior article with names that have a high probability of being part of the new complex. We still await the press conference.