The Abbey on College St is being replaced by a 3-story multi-use building containing 17 residential units and ground floor retail and underground parking according to the permits. They have started the demolishing of the existing building today.
The building across the street is six or seven storeys, if memory serves. I'm surprised they aren't trying for a little more here.
Proposal for a 3-storey mixed-use building containing 17 rental residential dwelling units. The proposed residential gross floor area is 990.52 square metres, and the proposed non-residential gross floor area is 186.85 square metres. See 02-035102 SHY 18 SA for reference