Here's what we know between the 2 reports noted above:
From the original City report:
Collectively, the two major projects will result in a significant capital investment and major city building deliverables that include new improved transit services, a reimagined public realm and mixed-use development - including the potential for inclusion of affordable housing and other City uses and needs for the area
The City is also thinking very grandly here:
advance the City's Urban Design Initiative which could see an open and transparent design competition for this transformational project.
Public Realm - animation of Subject Property's façade and ground plane elements through improved retail frontages and promenade will see an improved public realm and transparency of a priority intersection
Design Excellence- The City of Toronto has had a long-standing mandate to achieve the highest level of design and development on public lands along the City's Waterfront. More recently, the Mayor and City Council adopted an Urban Design Initiative, which builds upon this work directing City Staff to engage in a public and transparent process for design excellence on City-owned lands. Jointly with City Planning, CreateTO is currently developing a process framework for Design Excellence that has Proponents undertaking a limited or full design competition for redevelopments that occur on City-owned lands. ......Subject Property, with its public realm significance, will be subject to this Design Excellence process.
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From the above, I would be inclined to read the retention or replacement of the facade of 'The Bay' store; though that is not explicitly stated.
There is either one (or more) net new residential towers contemplated or the replacement of the current office tower (unclear).
The office tower had expensive renos comparatively recently, which would seem to make demo unlikely, especially with the desire of the City to retain office space. However, I can't envision how something won't have to be removed in order to fit the foot print of a new tower.
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Currently the City has a stakeholder working group set-up:
a Working Group has been formed to include staff from CreateTO, Corporate Real Estate Management, the Toronto Transit Commission, and the Proponent. CreateTO, with support from CREM, will play a lead role in the negotiation process while also facilitating and overseeing discussions with the numerous primary and secondary stakeholders involved in this complex project.
A parallel working group of residents in the area will be set up in the near future according to the report:
The project is also expected to undergo an early public consultation process that would include the establishment of a working group with the local residents associations' to input into the guiding principles that would inform the overall design and public realm outcomes.
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Let the speculation begin!