Thanks to urbanation for the link, looks like the city refused this proposal.
http://www.toronto.ca/legdocs/mmis/2010/te/bgrd/backgroundfile-31103.pdf
Primary reasons:
1)No replacement for rental housing (I say: I see huge rental apartment building in my photo above.
)
2)Heritage buildings on site. (I say: Yeah, lazy developer thinks they can get away with this stuff, eh?)
3)Inappropriate height for the area. (I say: Really? Do they have eyes and know how to look around here? Shall I take my photo above to the city and show them what lying morons they are???)