The backstage building you've drawn a line through is very important and won't be being demolished. However, the trailers on the right could easily be relocated.
This map might be a little over-zealous, but we're looking at up to about 5.75 acres here:
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They would likely keep the current main path where it is and put construction walls up blocking off this whole piece of land. Mythos, FireEaters, and the rest of the structures on the other side would likely just be re-themed. The backstage access road gate could just be moved North. If they did use this much land, they would have to also move the boat launch ramp, but I imagine that's not impossible.
Edit: Even without backstage trailer section to the right, it's still about 5.3 acres.
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