That would appear to be the case. I had assumed that the construction was for the new entrances and ticket booths only, but this would make it seem that the construction for both the new entrance village and current elephant yard expansion will occur at the same time. I did not originally expect that they would do much to the current elephant yards until after the elephants were moved to Elephant Trek.
I did a little more perusing after you posted the links to the other renderings for Elephant Trek and Roo Valley, and I found this:
http://cincinnatizoo.org/system/assets/uploads/2018/09/5-VisitorAccess.jpg
Which does label the exhibit as an expanded elephant yard.The new entry village is supposed to open next year as well, so it will be interesting to see how the elephant expansion plays out.
Also, here is another rendering for the Rhino Reserve renovation:
http://cincinnatizoo.org/system/assets/uploads/2018/09/6-RhinoReserve.jpg