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Quadreal and Menkes have acquired 55 Brownlow Ave, which is the existing 15 storey "Royalwood Apartments" building to the south of this site.
At this time, there doesn't appear to be hints of large scaled redevelopment of it. The article mentions more about fixing up the entire building and updating and modernizing the lobby.
QuadReal, Menkes buy Toronto apt. tower, launch VMC mixed-use
QuadReal and Menkes are continuing to expand their partnerships, paying $56.18 million for a one-acre apartment property in midtown Toronto and launching the latest elements at their Assembly Park development at the Vaughan Metropolitan Centre. Royalwood Apartments is located at 55renx.ca
The comments don't come from Quadreal or Menkes, but rather from CBRE.
They are also quite wishy-washy in that they also have this to say:
“There’s a nice play there for future development with the adjoining properties.”
, “but based on the size of the building and the number of units for the rental replacement, it could be a long-term redevelopment site if you were to rebuild on the property.”