That was Leftcoaster that posted that info.
Yes there are limits to the amount of retail allowed in an area, it is up to the city to issue a development permit, if they feel an area is over saturated and that by allowing a big box that it will kill off the other retail they won't allow it. The acutally numbers were posted ages ago by me somewhere, pretty well between the Oakridge expansion and the new Canadian Tire, there was very little left, not enough for a walmart, now with this project that amount will be down to practically zero.
The glass canopys will most likely see some modifications so don't get too excited yet, besides they aren't the first project to have them, Woodwards will have a large glass covered atrium as well.
I expect this project to remain pretty close to those renders and it will probably start sooner rather then later. Also Oakridge isn't sitting still and is gearing up as we speak. I'll let Leftcoaster touch on that one if he can, I have a feeling he might know something.