Welcome to Toronto, a joke of a city when it comes to respecting its own history and is absolutely incapable of protecting anything of cultural/historical significance.
I always say this jokingly but at this point it's probably true; the only buildings that are safe from development in this city are: Queen's Park, Old City Hall, and City Hall. Everything else is pretty much ripe for development in this wild wild west of a city.
Trash like this is what makes me absolutely irate with the state of affairs in this city/province. One question that immediately comes to mind include: why the hell wasnt this designated 10, 15, 20 years ago?
But I digress, we live in a system that will tolerate sheer dog crap being built just for a quick buck without paying attention to any potential repercussions until 20+ years down the line.