This was the last property on the block bounded by Sherbourne, Front, Princess and the Esplanade.  It seemed clear to me the owner was a real estate speculator, who put the very bare minimum into maintenance.  It was finally sold in mid 2012, to developers who plan to put a massive 10 storey podium on the whole block, with two huge 30 storey towers sprouting from them.
I expect the building of this edifice will tie up traffic for years, as construction vehicles come and go.
<a href="//commons.wikimedia.org/wiki/User:Geo_Swan" title="User:Geo Swan">Geo Swan</a>
Taken on 22 September 2012, 10:23:34
<span class="int-own-work" lang="en">Own work</span>