There has been some activity on this. The new design is to remain a tall structure, somewhere in the 45 - 50 floor range, but no office component. Stay tuned.
No false starts or ground breaking ceremonies, there will be construction happening at the site very soon. I'll bet you a beer on it ;)
As for the number of floors, I've also heard 28 floors, so who knows.
There is some news for this project. Construction will be going ahead soon, like within the next couple of weeks or so. Ellis Don will be the GC. Also I have been told that the height will be 42 floors and 5 levels of underground parking. I haven't seen the development permit, so 42 floors might...
I hate to be the bearer of bad news, but there is no architect chosen for the final design yet. Would be nice if it was Modern Office, but so far not yet.
Nowhere near as exciting as Great Gulf's proposal, but word is that they are planning on going ahead on this one around the time their other rental tower is finishing up.
I've heard bits and pieces about this one, but have never seen a rendering. Haven't heard anything relating to costing on this, so it might be a ways off yet, but had heard that GG is bullish on developing those two blocks, so here's hoping.
The rendering you see on the site is conceptual for the most part, but that is the target height. It'll look something similar to that, which is also similar to Castello, another Centron project, but not quite as nice as Castello.