Instead of suggesting alternatives, please read this to understand what the sentence means.
The artwork ... is planned to be kept in Irpin, in what is hoped to become a square for modern art.
You can read this as: The artwork ... is planned to be kept in Irpin, in a place that is hoped to become a square for modern art.
The word "what" here means "a place that".
Similarly: He scored what is considered one of the greatest goals ever.
This means: He scored a goal that is considered one of the greatest goals ever.