There were plans presented in front of the town but apparently it was denied. There were plans to begin development and construct luxury town homes on a portion of the golf course. It would be the portion as you mentioned that backs up to the western side of Spy Glass Hill. At this time there are no such plans on the table but yet again it can always be revisited in the future. i highly doubt any such project would begin given the market conditions in the near future.
As Nancy stated, even if it is dead right now, it can always be revisited. You, or a neighbor immediately boardering the property, would always be told of any zoning changes or issues that are coming in front of the town. However, if they already have full approval and there are no zoning changes necessary, they might just do a public comment session.
I'd suggest you speak to the people bordering this location and ask to be kept posted. Otherwise, you can just inquire at the town every once in a while.