More events, more restaurants, maybe a couple new water slides, maybe a flat ride, but nothing insane like what has been posted thus far. Everything about Cedar Fair's latest conference calls has pointed to cheaper investments and less roller coasters for all parks, including Cedar Point.
Honestly, I don't think CP will even get a new coaster by 2022. They're not putting one in for the 150th anniversary, and construction usually takes 2 seasons, especially with CP having an obsession with breaking world records and 'park records' (makes them sound like a merlin park - we all know which one) so 2023 at the earliest to be fair. I think they could go with the new GCI model shown at IAAPA or take the inversion record from The Smiler. Maybe a Gerstlauer Infinity Coaster, or even a Intamin water coaster, meaning they could expand both the theme park and Cedar Point Shores. Given their current relationship with Intamin however, I think that it is highly unlikely.
If you're referring to the old Cedars employee dorms location between Valravn and the marina, it is just an empty lot for the time being. The park just wrapped up Monster Jam: Thunder Alley and nothing has been done to the site since. It will get redeveloped eventually, but it's most likely to become the new home for a restaurant or something catering to marina guests due to its proximity to the marina and Perimeter Road cutting it off from the park.
There is zero construction elsewhere (I was there yesterday).