This building was scheduled for demolition for quite sometime now. According to a condo-owner on Rue Gosford (old Montreal), this building’s land will be the new location for Montreal’s Super Hospital (CHUM?)
Although I haven’t really confirmed if this is true or not, but word is, this site (st Antoine between Gosford and st-Denis) will be completely developed for the Super Hospital Complex. The buildings facing the demolition site, are also included in the plans.

“The Centre hospitalier de l’Université de Montréal is to contain 700 single-patient rooms that could easily be converted to double-bed units, because the basic equipment is already in place, explained Dr. Guy Leclerc, the CHUM’s chief of cardiology.
(…)

Aside from providing specialized care, the CHUM site will also have a university teaching and research mandate, with 6,000 students coming through annually, noted Dr. Denis Roy, executive director of the CHUM. The hospital complex will be bounded by René Lévesque Blvd. to the north, St. Denis St. to the east, St. Antoine St. to the south and Sanguinet to the west.”

I’ve read that its construction was planned to start as early as the spring of 2010, and will be completed by early 2014. Just last week they began the demolition, and at a very rapid pace.
Here is what the place looked like as of last Saturday.

I can foresee the traffic jams at the exit of the 720 to Berri. The noise it will create for the next couple of years, for those who live in the area (including myself) but the great thing: the value that will add having a super hospital near by. The selling value and rentals will definitely increase, since the staff (specially Doctors) will need a place to stay near by, which is fantastic news for those who already own and/or wish to purchase in the area.