It was announced in 2009, and it seemed far-fetched to me at the time. But now that a new push has been announced (on the City's "What's Building" resource), this master development feels like it could happen anytime.
The Sandstone lands will span from the Nanaimo River Estuary to Cinnabar Valley, with the RDN landfill roughly in the center. (The landfill is expected to be converted to parkland some day, according to the currently published development application materials. I confess I am curious about how the smell of the landfill will be mitigated for residents nearest to the landfill, but I'm confident that there is premium long-term potential here.)
The "Cedar Rd North" precinct will be close to the estuary and I would expect it to be the most appealing neighbourhood at Sandstone. Its northern portion (closest to the river) is expected to be reserved as greenspace, which will take full advantage of the riverside location and the ocean vistas, allowing the best kinds of views from the homes on the low rise behind the park.
The middle area, closest to the landfill, as well as the southeast corner, will be developed for commercial and light industrial purposes.
The "Cinnabar Valley Neighbourhood" precinct can be seen as the southwest quadrant in the image above. This land has interesting topography and wetlands, and will likely feature some very attractive viewpoints for its residents.
The two residential precincts will feature a mixture of single-family and multi-family developments, with a lot of trails and parks introduced which will connect to existing parks and transportation corridors.
I look forward to seeing this plan in action! For more information, here is a link to the Sandstone Master Plan document as published on the City's website: