Apparently signs have gone up there now, although i havent seen them myself.
Here's a link to the final report for the future planning guidelines for this stretch of Kingston Rd. Basically, it envisages a complete redevelopment of the south side of Kingston with approx. 11-storey buildings built up to the sidewalk, some shorter redevelopment on the north side of the street, and a realignement of the the junction of Kingston Road and Danforth Avenue.
http://www.toronto.ca/legdocs/mmis/2009/sc/bgrd/backgroundfile-24629.pdf
Disclosure: I was one of the members from the community on that committee. I will say right from that outset that while I agree a large building like that will stand out initially, I think that's in some ways a good thing. That strip is extremely depressing, an urban wasteland of old 2-story strip malls with sketchy stuff on the second floor and old tired single one to two story no-character stores, with ginormous empty parking lots. There is a sidewalk there, but with those ugly parking lots on one side and 60 kmh (sub-)highway on the other.
Nobody wants to be there as it is now, and it has to change. The zoning change is a good start and I am happy to finally see something substantial coming out of it.
As for the height, there were some that advocated keeping thing at six floors or less but most of us just didn't think that made much sense for that extremely deep space. No, we didn't necessarily want 25 story towers, but 11+1 stories seems quite reasonable for that space. I live near there, and I welcome it's urbanization. I very much look forward to this development and ones to come later.
BTW, note that because most of the south side is very deep, and owned in large chunks by a relatively few number of people, I'd expect the south side to be developed more quickly. The north side is harder since the lots are shallower with some of the units in the strip being individually owned, which would make consolidation of lots for big projects that much harder. Also, because they're shallower, the buildings would be shorter, at 8 stories.