The city is currently working on high-level plans for Caltrain grade separation at this location. Any grade separation would require reconstruction of this intersection and would be an opportunity to eliminate the ramp and improve safety. I don't think there's anything public at the moment, but more info and opportunities to comment should surface soon.
The city will be creating a new city-wide bicycle transportation plan within the year! This will be a great opportunity to get some Dutch style bike infrastructure included in the planner's toolkit, making it easier to implement when the city builds new bike projects.