When I was with American Golf, we looked at a full restoration / renovation of the facility. For those who are familiar with the course, there are a couple of major problems with the current course.
First is the trees. They have become completely overgrown, not only changing the original strategy of the holes, but choking off circulation, affecting turf conditions. However, the parks director at the time had a standing order that no tree could be cut down.
Second is drainage. The soil (or rock) profile keeps standing water on a number of holes, also killing turf. This was going to be an expensive fix.
Third is irrigation.
I say renovation/restoration because we looked back at the original hole by hole designs (NYC is very meticulous about records), and the existing course was not built to the original design. I don't know much about Van Kleek/Stiles, but apparently a LOT of the work was done in the field. The prevailing feeling was that some of the original (paper) design features could be incorporated, but that the as-built design was great, but we just needed better turf, some restored bunkers, and a chainsaw to fix things up.
Anyway, long story short, we presented our plans to the City, and they were very interested. However, a number of factors, including state law, prevented them from being able to accept the proposal.
That said, the management contract is currently being bid. Proposers have the option of investing heavily in a Split Rock renovation. Knowing the cost/benefit, it may not make sense, and you may just see another band-aid. I haven't heard how AGC or any of the other bidders looked at it.