The problem is,... this isn't Bay and Wellesley. The reality is,... this is Queen Street West.
Having a public park or public square at this site on Queen Street West is NOT the best of ideas - it'll be full of homeless people, druggies and reek of urine.
Look at Grange Park, an existing public park nearby (north end of John Street - east side of Beverley just north of Queen Street). Because Grange Park is so close to Queen Street West, it's a magnet for some of the negative elements of Queen Street West - homeless people,... drug dealer sell drugs at Grange Park, many drug adicts get high and wasted at Grange Park,... and when drug addicts need cash for their next fix,... they rob local stores, break into local houses and cars,... just walk around the smaller local streets near Grange Park and look all the smashed car windows.
BTW, Grange Park is being revitalized: http://grangeparktoronto.ca/
Ogden Jr Public School a few blocks northwest of this site also have similar issues with homeless tresspassers and druggies.