Apparently, the site was once occupied by a Texaco gas station, which was torn down in 1989. Soil remediation ensued.
It's now slated to go condo, under the name of Alto Life.
According to this (link to pdf) Development Permit Staff Committee report, the new building will be 15 storeys (164 feet) high, and contain 109 new residential units.
At least 30 condos will have two bedrooms, making them appealing to families. And as might be expected, there will also be some kind of retail space at ground level. Maybe a saxamaphone shop.