The more I think about this project, the more I think that it is a misdirected waste of money meant for a perceived social gain that will probably never materialize. The current interchange, as it is, works perfectly. A complex, at grade intersection will likely be a massive traffic (and bus) bottleneck while not being any less of a deterrent to pedestrians.
And, speaking about pedestrians, the fix is already in for this neighbourhood. I don't see how this will further "urbanize" the area west of Kipling because that area is already psychologically associated with low density, strip commercial development and suburban bungalow development with residents who are extremely on guard about encroaching development of any kind.
But, hey, if the city is hellbent on encouraging walkability in the area, they could build a pedestrian overpass over the current interchange for a fraction of the cost.