It depends on the definition of close. From Bathurst & Bloor it's 6km and it takes me about 20 minutes to bike and when the crosstown is done about 20 minutes via transit. Considering people are moving all the way out to Vaughan, North Burlington, Hamilton etc and paying more for real estate in a lot of cases yes it is very close relative.
But you are right 100%. The area has some positive points but for the most part it is really bad right now. Such a mess from the construction, the buildings are old and ugly, and there are a lot of weird shops or places that are now empty. The 29 and the 32 are in the top 5 busiest bus routes in the entire country and traffic is a mess.
The one good thing about it being such a mess is it is worth it to bulldoze and start over. As a resident who walks the neighbourhood daily, commutes, shops locally etc. these are what the milestones look like to me:
Milestone 1 much of the construction is cleared, and things are "cleaned up". The construction is dirty and a massive eyesore and this alone will make a difference.
Milestone 2 - The stations are fully finished including landscaping. The stations are quite modern and attractive and the plans for the parkette look great. Again this will make a massive improvement to the aesthetic of the area.
Milestone 3 - The crosstown finally opens. This cuts the time down to Eg West station from 8-15 minutes via bus to around 3 minutes (while also being a much more comfortable ride). As well, this will connect to a future GO Station at Caledonia, connect up with the UP Express at Mount Dennis, and provide a pretty quick commute to Yonge & Eglinton (14 minutes down from around 40). The area goes from being a bit of transit pain to being a pretty good spot for transit.
Milestone 4 - Tearing down of eyesore buildings. More construction will suck but I see it as the next stage in the process.
Milestone 5 - Beautification. Hard to say if this happens earlier or later but the plan is to create a tree line down the street along with a bike path. This will also include a lot of repaving so the street should look nicer.
Milestone 6 - First phase of the major new developments are complete and people move in - 1801 Eglinton, 1924 Eglinton, 1812 Eglinton, 2402 Dufferin, 641 Northcliffe Blvd. This is a big increase in density (and people with enough money to afford new condos) which will help improve the quality and sustainability of local businesses.
Milestone 7 - Area continues to get built up and with multiple towers will become quite dense and modern.
The way I see it Phases 1-4 are within 5 years and phases 6-7 will be around 7-10 years (I see many more permits being added within the next 3 years) with 10 years being the point where it really transforms from where it is today.