The rock seems safe as it can be, here is part of an email I just got regarding the rock. This is really good news from the someone on the inside.
Hey Nick,
I asked Matt Jensen about the rock (he's in charge of the IMA crags) and he said that the UW rock is in no danger of being torn down -- if it was, it would have to be approved by his department, and informed me that if it was in danger, he wouldn't let it go without a serious fight. He also let me know that the bigger threat to the rock is the fact that the rock is old and as it ages, it may becomes less structurally sound. There is a VERY slight chance that the construction they are doing down there right now could decrease the structural integrity of the rock. If that for some reason does happen, Matt has a proposal ready to go to build a new rock.
All in all, good news. Let me know if you find anything else out.