Complex sentence: It has been separated into two phases with Phase 1 retaining the Masshouse name and the other plot, Phase 2, being called City Park Gate, named after the City Park to be constructed next to it.
Split into simpler sentences: It has been separated into two phases with Phase 1 retaining the Masshouse name. The other land, Phase 2, cleared for development will be called City Park Gate named after the City Park to be constructed next to it.