I've always thought the area around Wellesley station was kind of underdeveloped. This is replacing a parking lot and will continue the trend of taller towers to the back of Yonge Street, so it seems like appropriate intensification.
I totally agree. I do think anything touching Yonge should try to stay low-rise though. But this is set back WAY farther that 5ive. Go high. Especially since it's right across from the subway station.