Good news! I saw the poster in the PATH system with a render of a sharp little renovated office building around the first week of September but dismissed it as a stale proposal as I saw nothing regarding it on UT. Turns out this news simply reached UT a little bit later than usual.
Oxford Properties to Redevelop Peter Dikinson Designed Icon (111 Richmond Street West, Toronto)
Renovations:
215,000 square feet of Class A office space
Maintains authenticity of the building's striking modernist design while bringing the facilities up to LEED standards
Includes a public plaza
According to sources the building about 60% pre-leased
Here is the same image I came across in the PATH system:
Read
more regarding 111 Richmond Street West.
The project is expected to be finished by late 2012.
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Sources: urbantoronto.ca (posted by contributor Edward Skira)