Re-making Downtown Toronto Core?

Here is an article about remaking the downtown core, basically Spadina to union station, Queen to the Gardiner. If you miss the clickthrough, check out the source directly here, with an overview here.

I think it looks interesting - making the streets in this area more attractive and pedestrian friendly is certainly a plus. It's too bad that it can't be completely car free...but then where would all the club-going 905'ers park?

I don't know what the overall impact (or likelihood) of this is, however. Isn't the area around the CN Tower and Skydome recently (in city terms) done? Is this tax-payer funded? Will this really happen (or anything like it)?