This was the easiest report found on the internet.
http://www.toronto.ca/legdocs/mmis/2008/gm/bgrd/backgroundfile-11983.pdf
I also posted about this last year, there have already been site renderings and proposals made about this land, but I can't find them anymore. You can try and search UT for my thread from last year.
IIRC the Bloor/Islington development is not supposed to be a "neighbourhood friendly pedestrian landscape" kind of thing....just your run of the mill condos and commercial underneath.
I am really interested in the Humbertown development as my wife and I shop there regularly, and live down the street.