I remember hearing a long time ago that there were plans for an Alexus 2 but something was in the way. . . not quite sure what/if this parking lot was part of that land assembly.
I heard this back in the late 90's & early 00's. The developer had most (or all) properties up to Maitland Street except the Church on Church property, which was Gatsby's restaurant back then. The owner who lived in the apartment above wasn't selling. Not sure what has changed, if anything, since then. A midrise on the parking lot property would save that vibrant block.