The local planning commission approved two special-use permits that the park requested, one for the height of the ride, and the other for the ride itself.
This article has some other items about the new ride, and there's also video of the meeting posted to BGWFans. We previously heard about the 26,000 sq. foot building the ride will use, but now the park has said that it will spend much of the ride in there. The ride will be low to the ground, have no lifts but utilize launches, such as the first one directly into the event building.
The coaster will also reuse the Big Bag Wolf's station, and incorporate a themed bridge 95 feet above grade roughly where BBW's brakes were. The park stated that the end of the ride will even follow the path of BBW, interestingly, it's also mentioned that some of the former coaster's supports (I think they mean footers) will be reused.
Screamscape also posted a shot of a survey about the ride that the park sent out, including possible name choices. Some are pretty good, some are less than.
No matter what it ends up being called, it seems Busch Gardens Williamsburg has quite a ride planned for us all.