More so than the low rise commie block going up across the street? I'm all for hating on Cidex based on their history of birthing garbage, but this isn't bad relative to most other buildings in this part of town.
Give it time. 30-40 years from now, those empty lots will mostly be replaced by high-rise towers. The current supply of high-rise development sites will help keep a lid on prices. Once these sites are absorbed, we will see major price escalation.
I can confirm that is a demolition excavator. The office building is coming down. There might be a big announcement coming about this site soon. That's all I can say for now...
Strategic went into bankruptcy protection a couple years ago and was forced to liquidate a large portion of its office portfolio. The primary lender (Telus Pension Plan) now owns most of those assets. AFAIK, they still own UpTen.
They have been conducting some environmental reviews apparently, so the rumours are legit. Could be a bargaining tactic to get a better deal on the east side.