This is supposedly the final tower to be built on the former Michael Power high school lands in central Etobicoke as part of the massive Port Royal Place development. At 31 floors it'll be the third tallest building in the area.
as maestro noted ... Palais is the second last tower (phase 7) in Pemberton's Port Royal Place development ... Palais will share a lobby and recreation centre with the final phase 8 tower (not released yet)
Promenade (phase 6) is currently under construction as seen in Towered's photos above, located at where the crane is in the below aerial photo
This gives an aerial overview of the Port Royal Place development, with the first 5 phases on the northern half of the site ... phases 6+7+8 will be constructed on the south half of the site closer to Bloor