Yes, it will be commemorated. The breathtaking riverfront park designed by Sasaki & Associates will have at least a marker for home plate. See the tenth slide on the slide show.
Construction has finally begun on both the first phase of the Banks and the riverfront park, due to be complete for opening day 2011 (throw the streetcar in there too, if you are an optimist like myself). Great American Tower will loom over the ballpark as well. In 10 years, after being the laughingstock of the city, the riverfront will be a crown jewel, and something other cities will envy.