^My guess would be that it's some sort of repair/reno job.
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Here is a preliminary render of Thind's 12-storey development at
2395-2443 Kingsway. Given the company's well-executed project a couple blocks down - Skyway Tower - I'm surprised at how cheap this looks... Could be after a different demographic. Anyway, it's not like the final product will look exactly like this anyway.
http://www.thind.ca/future-projects/
This would be the sixth highrise in the Norquay Village neighbourhood.