Going to use this thread to show that the land purchased will be used for Universal's Third theme park (or fourth, depending on if you count Volcano Bay).
The first image here is an infrastructure filling for the land that Universal purchased back in 2015. This gives a idea of what the layout of the park might be like:
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In terms of the name of the park, it will be called Fantastic World's.
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It is rumoured to be unlike anything Universal has done before, with the park areas being called worlds with mini-lands inside of them. The rumoured worlds are currently Nintendo, Fantastic Beasts, Dreamworks, Jurassic World and Star Trek.
Sources:
http://orlando-rising.com/universal-fil ... expansion/https://twitter.com/jacqueshca