This is great news. As a Torontonian I found their plan to be nothing more than a money grab on public space and the public in general. They also massively overreached in all their applications to the city.
You're going to get a big real estate developer doing it instead.
Their plan would have implied the eradication of the properties of much of the film industry in the city who would have had to move to likely more expensive locations.
Frankly, I was surprised they were cleared to build residences in that area (or were they?)
When I worked in the film industry down on Commissioners—just a short bit west of Cherry St—there was still phosphorus seeping up through the ground on occasion...
AFAIU Waterfront Toronto has rule over the area and they've done some pretty great work with the Harbourfront area, so I would put faith in them to do a good job with the region. I think their major roadblock (prior to the pandemic) is funding. https://www.waterfrontoronto.ca/nbe/portal/waterfront/Home/w...