I am not aware of any specific plans; though the news release clearly suggests future redevelopment; I would presume they are thinking of mixed-use for what are now employment/industrial/commercial lands. Lets have a closer look:
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Approx. 7ha/17.5 acres of land as assembled, excluding the publicly owned cul-de-sac in the midst of the parcel. Currently one set of properties removed from Don Mills itself, value, and ability to tie into any O/L related development will be dependent, I would think, on at least one new public E-W road coming out to Don Mills; probably at about where the existing driveway access to the Don Mills fronting plaza is located.
The site backs on to the Leaside Rail Trail to the west, the CP Rail main line to the south, with the area due north largely low-density residential for a ~ 500M until you reach the Shops on Don Mills site which is shifting to medium-high density.
The Ontario Line, as proposed, were it stopped at Eglinton, to me, represents a marginal opportunity, but not amazing. The interior of these lands would likely miss an MTSA rating, or at least be on the bubble at more than 750 to the nearest station * entrance.
However, if one imagines that a GO Crosstown service is established on the CP Corridor in the fullness of time, such a service would almost certainly have a station at Don Mills Road; that part looks interesting. A northern extension of the O/L is unlikely to add an intermediate stop between Eglinton and Lawrence, I would think, (total spacing between the 2 arterials here would just a smidge under 2km); but certainly it's possible. If there were an intermediate station, it would likely abut these lands on Don Mills.
* IF, the City allowed for a southward extension of Prince Andrew across the railway tracks (even if only for pedestrians and cyclists), its plausible to get the site's edge within MTSA distances for the existing Eglinton/Don Mills sited station.
Overall, I think it has potential, providing it lands the right supporting infrastructure, but to me, it seems like a longer play based on the landholding in the existing assembly and the current state of plans. Looks like a play for the late 2030s more than for today; but I could have that completely wrong.
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