I'm guessing this proposal by Port Property is the basis of what is being discussed, PDF attached. It's for 800+ new units of rental housing (201 'affordable'), a relatively small amount of retail space, other details on attachment.
I am not completely sure, but I believe that the 'woonerf' on Lancaster St, between Preble and Elm streets isn't seen as sufficient green and/or open space to be contributed to the neighborhood. Personally, I am a bit leery of the woonerf, as a to-be-built plan isn't provided; also, I can see how people would park their vehicles all over it, and the only enforcement would be by Portland's Parking Enforcement.
As well, there are long-standing issues with circulation in the neighborhood, which could connect or be solved by this development.
But I'll be at the meeting, and look forward to the discussion.
Alex