It looks like it has been many years in coming. I recently received a notice for a public meeting because I live within the Yonge Steeles study area indicated here. 
 

It appears that the city of Vaughan is going to stop treating this intersection as the ass end of the city and has moved forward with plans to rezone and encourage redevelopment of this area. There is a lot of info on this page here about the prefered route for development to take. They Mention building heights to 40 stories and a linear park seperating the high density development from the existing low density homes.

Overall I like the plans. My home won't be in any shadow cast by the new towers. Some of the plans provided are pretty rudimentary but you get a decent scope of the project from this summary. What's here now is in desperate need redevelopment.