From what I understand, Sigma Delta Tau still owns the house that Alpha Phi is currently using. The university was to release some land adjacent to sorority row to allow a few new houses to be built. The "older" groups would get first dibs. If they choose to build, the newer groups could buy those houses and remodel...or buy and tear down and build new.
BUT...the university has done very little so far. I had heard they've decided to reduce the amount of land available. But nothing else has actually taken place.
At least...that's what I've heard!