Here's a set of plans for the redevelopment from their website, not sure whether or not these are current.
Phase 1: A small set of shops added along 64th. A little bit of the central mall redeveloped into stand-alone stores.
Phase 2: They drive a road right through the central N-S axis of the mall, creating a bunch of stores opening up onto the road. The rest of the mall is renovated to work as outdoor-facing stores.
Phase 3: A bunch of big box stores built around the periphery of the property, including the existing Sears footprint apparently. There is an office complex shown on the west end; this is the only place that looks like it could be the restaurant cluster in one of the images shown.
I've always thought that retail has a sort of buzz aspect to it; if a mall starts failing it's hard to turn it around. Not sure that starting the new phase of Deerfoot's life with a Wal*Mart, a Winners and a Dollarama as the anchor tenants is sending the right message.