I see the four story appeal with the precedent set south of the Lakeshore, almost opposite this site. On the other hand there are significant new builds a block away (NE corner of Lakeshore and Hurontario) and legacy multistory builds exceeding four stories scattered to the east and fringing the east side of the commercial section of Lakeshore East.
There are no reasons not to build as planned. The site is located on a busy main traffic artery, not some quiet side street. Walking distance to the PC Go Station, the the HM line and all the multistory builds there and to come. Walking distance to the 'gentrified ' sections of the Lakeshore west of Hurontario, walking distance to the Lake, walking distance to some excellent pubs and (most of all) walking distance to your proposal for re-wilding part of the Credit river historical land fill areas!
There are two or three other strip malls and disused commercial sites that are ripe for development, and all in this area.