Universal Epic Universe
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You are absolutely right about the attendance declining and spending going up. That is absolutely Disney's plan. This however is not the case for Universal. Disney has a much more comprehensive suite of parks to go to. You can easily stay at Disney for a whole week and go to a different park each day. With Universal, there are only three, so it's more like a weekend destination. Because of that fact, it is imperative for them to come up with another park. They need it to become a week long destination, not a weekend.

Sources: https://twitter.com/bioreconstruct/status/1352817341126606848/, https://twitter.com/bioreconstruct/status/1352816543218995200/, https://twitter.com/bioreconstruct/status/1352816393188749313/, & https://twitter.com/bioreconstruct/status/1352816235843616769/

Aerial photo:

https://twitter.com/tommyhawkins/status/1352270293092474884

Import records show that a ride manufactured by Sansei Technologies in Japan has been imported to Universal in Orlando. The vague descriptions label the imports as "track column" and "track rail" so the exact ride is not specified. I assume this ride is for Universal's Epic Universe but it could potentially be for Universal Studios or Universal's Islands of Adventure. The imports have taken place as recently as January 8, 2021.

Sources: https://www.importgenius.com/suppliers/sansei-technologies-inc and https://panjiva.com/Sansei-Technologies-Inc/35338495

With this project indefinitely postponed I believe it would be wise for Universal to take a step back and revise the whole project. I know that the idea of getting another theme park is nice, but is it worth it in the long run? The trend in the travel industry is to not get more visitors, but visitors that spend more. Just look at the Disney-parks; theme park attendance has decreased these last years, but revenue has gone up. And if it's something this pandemic has taught us, it's that those businesses relying on a large number of guests are more vulnerable than those having a much more effective organization getting more money per guest. Fewer guests means fewer employees needed.

IMO I believe Universal should just move some of the concepts into the existing parks. In Universal Studios park the KidZone is way overdue and ready for a change. Also there's a big chunk of backstage land between The Simpsons ride and MiB. Also speaking of the Simpsons; how attractive is it for Universal to keep paying Disney for that brand?

Over at Islands of Adventure there has been rumors for a long time about the future of Toon Lagoon. How great wouldn't this spot be for the Train your Dragon-area? They could even keep the rafts and re-theme it. And again you have a Disney-brand right next to it, probably also seeing an uncertain future.

These are all just thoughts, but it will be interesting to see how the Epic Universe will go on in the future. Is there really a need for a whole new theme park, infrastructure and all? Or is it perhaps enough for Universal to just update the existing parks and hike up the price?

High level concept for Universal Creative Orlando

https://www.stephenketchum.com/illustrations-concept

Permits for individual buildings at Epic Universe have continued to be posted over the last several months. Plan review comments for Donkey Kong's show building (B1315) were recently added to its permit from last month. (Fees have not been paid though, except for temporary work.)

Source: https://twitter.com/AliciaStella/status/1341102027401785351

Sources: https://twitter.com/bioreconstruct/status/1340134144345600000/ and https://twitter.com/bioreconstruct/status/1340133517548777473/ and https://twitter.com/bioreconstruct/status/1340132797072203777/ and https://twitter.com/bioreconstruct/status/1340131988683014144 and https://twitter.com/bioreconstruct/status/1340131305095368705

Scale model of Monsters area:



Source: https://atomicantcreations.com/study-models/

This is interesting - so there's a viking-themed splash battle ride at Plopsaland De Panne in Belgium, there's another viking-themed splash battle ride at Energylandia in Poland, there was a concept for a How to Train Your Dragon viking-themed splash battle ride at Beto Carrero World in Brazil that never got built (https://www.kbxd.info/works/hot-to-train-your-dragon) and one of the designers for that is according to LinkedIn now working at Universal, and then there's the potential of another How to Train Your Dragon viking-themed splash battle ride at Universal's Epic Universe. I suppose it's possible that the first piece of concept art could be for Beto Carrero World (http://www.irms.com.sg/portfolio/all/beto-carrero-world-dreamworks-animation/) but the concept art also shows what looks to be a Sky Fly by Gerstlauer which is not seen anywhere for Beto Carrero World (but it could have still been considered) but it is rumored to be at Universal's Epic Universe.