When you're only going to take down parts of a building, while leaving other parts up, (Yonge Street frontage) there's a lot of internal prep work to do to keep that standing. I doubt it's all done in fact.

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Though we are months away, I'm really looking forward to see how the exterior turns out by comparison to the renderings.
 
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The promo material made the ribbon look like metal so it would be reasonable to expect the cladding to have a metallic finish.
That was definitely the early intention. It's quite possible though that it was found that concrete would provide superior thermal dynamics for the building envelop, and, um, it might be less expensive too. Win, win?! (As long as it's high enough quality in the end! If it isn't, they know we will grouse and grouse and grouse.)

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Shoring/excavation about to start (courtesy of Bazis).

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