A recent satellite view shows the the corner of Yonge and The Esplanade to be hosting only a parking lot. This site now hosts the foundation of Backstage Condominiums, a 36-story glass tower that will overshadow the more classical 25 The Esplanade just to the east. (The "Backstage" likely comes from the projected tower's location just below the strip of theatres along Front Street.)
This close to Lake Ontario, seepage of water is a serious problem. Signs of water can be seen at the bottom of the retaining wall and on the floor of the pit.