Jax-Developer, your assessment is correct. The unusual part of this roundabout (pear-about?) is that it includes two railroad crossings. For example, if you are coming from the north on Old Roosevelt (like from College Street), you can currently make left turns onto Post Street eastbound or McDuff southbound, or can continue straight on Old Roosevelt to Edgewood. After completion, you would have to go around the roundabout for any of these movements. Similarly for traffic coming from the east on Post Street going to McDuff or Old Roosevelt south.
Note this is advertised as an "access management" meeting, probably because the roundabout will change how people access nearby properties, as described above. The (apparently currently closed) Glass Station site and the BW Tire store appear to be the properties most affected.
I have a question about the map in the meeting notice. The map key doesn't say what the yellow (pear-shaped) area in the roundabout is to be. What does FDOT envision there?