What is the "Parkside" game?

The internet rumour mill has gone into HYPERDRIVE at the discovery that there might be a new Bioshock game in the wind.

Its code name is whispered in hushed tones as being "Parkside".

Kotaku is reporting that workers on Mafia 3 where quietly shuttled over to a 'secret studio' that was working on a Bioshock game.

 
Given the success of the franchise where arguably the second sequel Bioshock: Infinite proved to be a 'once in a generation success' of storytelling within a game it would be a surprise to exactly no one that 2K wanted to get some cash from a new game. 

We understand that Bioshock's legendary creator, Ken Levine is working on other projects so presumably is not directly involved in the production.