It seems to me that if the State of Israel is already observing the Shmita every seven years, then the Yovel should be observed as well. I would like to know if any arrangements are being made to convene a Sanhedrin, and how you feel about building the Third Temple in the now vacant area north of the Dome of the Rock. It seems to me like a very nice place to build a Sanctuary.

Shalom! My previous answer (to "When is the next Yovel?") to you was composed of the writing of our Sages (Hazal) which the Rambam brings as Halacha, and none of the Poskim throughout the generations since has disputed this ruling. The State of Israel is currently observing the Shmita. However, this Shmita is being observed according to the rulings of our rabbis (D'rabbanan), so that the laws of the Shmita will not be forgotten. When it becomes applicable, we will observe the laws according to Din Torah. The question of whether or not the Sanhedrin may be reconvened today has been examined in the halachic writings of the past century. To the best of my knowledge there are currently no active plans. Concerning the site of the Third Temple, tradition holds that it will be exactly where the First and Second Temples were. The placement of Kodesh HaKedoshim, the most holy site in the Temple, is exactly where Even HaShetiya is, which is where the Dome of the Rock stands today.