I think it's part of the new GO Bus terminal.
source:
https://cdn.skyrisecities.com
Video here:
https://globalnews.ca/video/1589977/see-the-concept-video-for-the-new-go-bus-terminal
And once that is complete and GO moves south it will open this area up for this proposal to move forward/ Yes I know so many hate it, I like it.
from :
http://onefrontwest.com
The two towers would rise above the east end of the heritage building, closest to Yonge Street. The taller west tower would reach a height of 170.8 metres, while the east tower would rise 163.8 metres. The east tower, closest to Yonge Street, would feature a triangular floor plate to create a three-sided tower, while the west tower would take on an extruded trapezoidal massing
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