This project is still alive, but was on hold while kinks were being worked out. Eric Darwin has the run down of the updated proposal, which goes to planning committee this summer.
Besides the height, the footbridge to the O-Train/LRT station are neat, as is the ressurection of the old Welington Street right-of-way over the O-Train tracks (pedestrian only).
This would truly be a transit/cycling/walking oriented complex, with many community benefits.
But I'm sure it will be "too tall".