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No traffic lane was removed - at least recently. The sidewalk merely replaces the walkway that was demarcated by concrete barriers that were in place over a number of years.
I've been walking along this path several times a week for 5 or 6 years, and I couldn't believe how such a simple piece of infrastructure was never done. The concrete barrier has been there forever. Good to see this finally done. The warehouses on the south side can finally find their potential as store fronts. By finally getting this done, Adam Vaughan wins my sympathy on his fight to turn this into a mix used neighbourhood.

P.S. There was some narrowing of lanes for this to have been achieved. While there was a concrete barrier starting near Spadina, it only went as far as the lane where you see 401 in this photo. The rest of the way was served by a very narrow sidewalk up to Peter. The wide sidewalk on Peter suggests that lanes were narrowed or possibly one of them removed entirely.