In my first post on this thread, I stated that "I'm not a fan of mega developers that will result in the destruction of a vibrant city block." This view is probably similar to the one you have now. However, after learning about the details - an art gallery, retail spaces, new campus for OCAD, and 2,600 new condos in three stunning new towers - I accepted that if this block is to be redeveloped, than this was a fair trade. I realize that "condos" has almost become synonymous with many four-letter words around here, but I view it as a positive: 2,600 new residences contributing to the vibrancy of a thriving downtown.
Ideally, I would like to see this development rise in one of the many other vacant lots in the city. In reality, Mirvish owns the land here and the economics of this development would not work on another site for him. This is still a very new proposal, and a formal application has yet to be submitted to the city. I look forward to reading the planning reports and issues that will come up with heritage designation of the buildings to be demolished. From what I've read thus far, it looks to be a net positive for the city of Toronto.