Closure permit says until 2028, so 2 years. Seems like an absurdly long time though, and if bikes can't get through then there's almost no good north/south routes between Bay and Victoria.
 
I bike through here all the time. It's pretty easy to detour by cutting through Beasley Park and taking either Mary St (northbound) or Elgin St (northbound and southbound). FWIW I actually prefer biking on those roads becasue they're quiet side streets and they're not paved with irritating loose bricks like Ferguson is. Also, the Mary St footbridge is a more pleasant way to cross the train tracks than the Ferguson bridge.
 
This forum lists the project at 33 storeys but the City's Building Permit report for December says 34!
 
Alectra here, it appears they are getting temporary electrical to the site, new poll installed
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