Not a bad looking tower- quite like the grid pattern. While it is not repeated in the tower portion I quite like the the V or Y columns that anchor the base- they are the most interesting design feature on the podium.
 
I agree with getting rid of the Y-columns since they're not repeated in the architectural motif- but I like that the building feel likes two separate buildings- it'll stop the building from overwhelming the corner too much.

Also interesting that the two existing buildings on Adelaide are being preserved. I would almost argue for removing 350 Adelaide to create a better retail ground level.
 
Update:
Following an initial 2016, a resubmitted plan for Graywood's BBB Architects-designed 350 Adelaide Street West is revealing a major redesign and reduction in scope for the new condominium tower in the Entertainment District.
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From the August TPB:

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http://www.toronto.ca/legdocs/mmis/2017/pb/bgrd/backgroundfile-105962.pdf

AoD
 

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Update:
Peter and Adelaide is the name of a new 47-storey Graywood Developments condominium tower with retail planned for the base. The BBB Architects-designed building includes a massive 17th storey outdoor terrace.
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So the lot on the north side of this building, directly between what I take to be its north end and a bit south of Richmond. Is that being filled in?
 
PMT said:
Recommended for approval: http://www.toronto.ca/legdocs/mmis/2017/te/bgrd/backgroundfile-106284.pdf
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Community gets, among other things:
> $1,200,000.00 towards public realm improvements within the block bounded by Spadina Avenue, Peter Street, Richmond Street West and Adelaide Street West as Staff report for action – Final Report – 102 -118 Peter Street and 350-354 Adelaide Street West 2 V.05/13 outlined in the King-Spadina East Precinct Public Realm Strategy
> $200,000 toward advancing the design of the public realm improvements in (A) above payable upon the zoning bylaw amendment coming into full force and effect.
> $1,160,000.00 towards the YMCA at 505 Richmond Street West, and/or streetscape improvements in relation to the John Street Cultural Corridor and/or Mercer Street
> $320,000.00 for the provision of new rental housing units as part of Alexandra Park Revitalization in Ward 20, to be directed to the Capital Revolving Fund for Affordable Housing
> $320,000.00 for capital repairs for the Toronto Community Housing revolving capital fund for repairs to Toronto Community Housing properties in Ward 20.
> Not less than 380 square meters at grade for use by the general public as publicly accessible, privately –owned open space (POPS), along the west side and in the northwest corner of the site in a Staff report for action – Final Report – 102 -118 Peter Street and 350-354 Adelaide Street West 3 V.05/13 location generally identified in the Zoning By-law Amendments, with the specific configuration and design of the POPS to be determined in the context of site plan approval
 
Nice looking building! Does anyone know when they will anticipate construction on this tower!
 
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