Here's what I can add to this to confirm what you heard.
I had a corner suite in the Alexus (the condo at Alexander & Church developed by a division of Greenwin) which had east and north facing windows. Shortly after I moved in I learned that the north side of the building was built to the property line and because of potential future development next to my building my north operational windows had to be permanently sealed shut because of Fire Dept. regulations. I was told by two real estate agents (one, a very good friend of mine) that all properties from Maitland Street down to the travel agency next to George's Play were all owned by an Ontario numbered Corp. and was to be developed into condos. The owner of George's Play (at the time it was Gatsby's Restaurant, a great place) was the only hold-out property that the developer wanted. Now I remember two stories; the owner of the George's Play property simply had no interest in selling and I also heard that perhaps he was holding out for the right price - no reliable sources there, that was the word on the street at the time. What androiduk writes above regarding developing this stretch coincides with what I knew a decade ago, the only change in the story is that it appears that George's Play has now been acquired, that Greenwin owns those properties and it sounds like they're finally moving forward.
This could account for no one else attempting to take out a lease & spend money renovating Crews/Tango if it's now owned by Greenwin and is potentially coming down in the next year or two.
Finally, I looked through the Yonge Street windows into Alibi a couple of days ago and everything that once gave the place charactor and charm appears to have been stripped out, all I could see was white drywall (painted) on the walls and ceilings.
