How far up and down the block will it be going? Does it include the Asian Legend building? This project sounds good to me. The rendering suggests that the building might have some visual interest, which is nice, and the block it's on is one of the most unimpressive in the area. I'm all for encouraging office development, but I think that's more suited to sites immediately adjacent to the subway and this is too far north of NYC station. Yonge and Sheppard is the most obvious spot, and the Gibson House and DeBoer's lands would also be suitable.
This is a good project and I hope to see it rising soon.
Here is what I came up with.
Blue is Gibson Square, Red is this development and Green is Centrium.
Centrium starts from the autobody shop, so North of 5224 Yonge Street. Anything South of that address to Pear Blossom will be this proposal (so Asian Legend is included - the small strip plaza - I am assuming this though).