I think they're re-grassing tees, approaches, and green surrounds with Zoysia, rebuilding their greens and bunkers. The golf course, as I understand, won't change much - if any.
Having played there a number of times over the past few times, it was clear that they suffered multiple bouts of turf stress throughout the course. Anthony's list of various replacement grasses represents a smart shift to modern, more playable, more disease and adverse weather-resistant strains. It's a shrewd move IMO.
It is one of my favorite Fazio designs for a variety of reasons. Never once do you see his prototypical maximal features, instead the routing and course feels far more intimate, natural and sporty. The green complexes include plenty of the usual Fax tiering and angulation against the fairways, yet aren't over-the-top or excessively penal. The club, as others have noted, is quite private but without any off-putting airs.
FWIW...I don't think this is a club chasing anything, other than playability and pleasure for its members and guests.