Could it be like the gas station at Bathurst & Wilson, which was similarly closed down and fenced off a few months ago, without any permits in sight? Perhaps the gas station decided not to renew the lease and the site will sit dormant for a while

The picture clearly shows excavation. Which I would assume was remediation, but with the canopy in place, I question whether you could complete that work fully.

I suppose you could just remove the tanks and clean that area for now; but then you have to come back to do more later? Not sure.
 
Some more groundbreaking news from this site along with some signage:

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That last one might really shed some light on what's happening here.
 
Local community association president notes in a report, “Silver Moon Marlin Spring will be building a 56 storey condominium on the Esso property on the SE corner of Lake Shore and Park Lawn”. Nothing further in the report.
 

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