A 17-storey, 132-unit condo development going up at King and Sherbourne streets is preserving the façade of the National Hotel, a heritage-designated mid-19th-century brick building on its site. King+ has had a rocky history; it's changed names at least once, from "Bauhaus" (the original developer must have been a fan of the post-punk band, since the building design itself doesn't appear to have any connection whatsoever to the Bauhaus movement), and the builders had to do battle with the city before coming to an agreement over the hotel's preservation.
The building is a partnership between the King Plus group (owners of the heritage building) and Terracom (condo developers Ali Mohtashami and Babak Sarshar). TACT Architecture did the original design, and interiors are by Mike Niven (TIFF Lightbox, Studio & Studio 2). The building is slated for occupancy this fall, but from the slow progress (visible in Urban Toronto's project construction thread) that doesn't seem likely.