More than any other proposal for the area. this one screams "dredge up the W Hotel speculation again", and the term 'Manhattanization'.
With the recylced Westinghouse facade and the vibe in this area, W would get what they always look for in a location: a certain funky retro-modern with a landmark quality to it.
In regards to Manhattanizing the core - with all the proposals for 40-odd floor buildings within a couple surrounding blocks of the film festival centre, this area will take on quite a New York feel if these go through. There wouldn't be much point in turning this one down if the other handful of proposals make it through. With approvals, the context for this area would change overnight, and one would have to look at the shorter existing buildings as those that were suddenly inappropriate for the area.
None of these proposals would be under consideration at the moment had the OMB turned down the height requests of Boutique II and M5V. Both buildings have been allowed to go much higher than the City wanted for this mid-rise King-Spadina area, and it seems the developers want to run with the OMB's ball.
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