Not so fast there... The City just signed a new and revised project schedule, it says:
Beginning of S[ony C[entre] renovations July, 2008.
SC begins renovation of existing theatre with forecast cost of $12
million Funding is achieved by utilizing $12 million from the $17 million
payment from Castlepoint.
Beginning of work on new structures July, 2008
Castlepoint begins demolition of corner of existing SC site where
podium and tower to be built. After demolition, excavation carried out to create new foundation for podium and tower
After creation of the foundation, Castlepoint begins construction of new
building sub-levels below podium
Beginning of Podium Construction Approx. July, 2009
Construction of 8-storey podium structure below proposed tower is
initiated.
Details at:
http://www.toronto.ca/legdocs/mmis/2008/ex/bgrd/backgroundfile-10363.pdf