Sorry, guys, I could've done better with specifics.
First, of course, "no one's losing any spots" means "no one's losing any spots in this round of construction." SU's going to build on all those blocks in the next 20 years. But SU's going to have a spot-for-spot replacement as part of this ESF construction.
SU's not interested in selling any land. They agreed to the swap because ESF wanted an SU-owned block closer to its own campus (the east end of Standart) and SU liked the ESF-owned block closer to its campus (the block with the apartment houses on it, directly east of Fine). So they'll trade. But SU's keeping the rest of Standart. And it'll have temporary parking on the Raynor/Stadium/Standart/Henry lot after those houses are demolished.
Regarding the southern half of the ESF lot with landscaping and such, that refers to the southeastern corner of the Standart lot, close to ESF's new dorm and their physical plant building. ESF is first going to build on the northwestern corner of its portion of the Standart lot (where the intersection of Standart and Henry would be if Henry extended through the parking lot). Eventually they'll build a second phase directly to the east. It'll be a thin building that fronts Standart street, only covering about a third of the lot. The southern portion will get landscaped (eventually developed, I imagine).
And the whole western half of Standart will remain in SU's control; it'll be surface parking until SU comes up with a use and a financial commitment and moves forward with a new building. Keep in mind that they're committed to keeping a certain number of parking spaces in that neighborhood, though; any new SU building will likely have an underground garage.
Sorry, that was a lot of words. A little bit of drawing on a map would probably make things clearer.