Restraint design but kudos for making the Queen Street frontage competent.
I think the 'retail' section has the basis of good architecture, but the two-storey lobby for the residential is a mistake as it's both inappropriate contextually and frankly just doesn't look good.
I don't know that the building has to be pastiche, but certainly this colour of brink doesn't ring true to Parkdale, and something in the red family of colours would be more apt.
The window style could also have just a bit more flare, historical or contemporary on the podium levels. That could be seen in shape, but it need not, it could be seen in trim work, in sills etc. This isn't terrible, but it's not great, and it draws attention to itself.
It's the combination that I see as problematic. If you want to have a pared-back style to keep costs down, fine, but then blend into the background as much as possible.
If you're going to do 'look-at-me'; you really ought to create something worth looking at, that makes sense.
I don't think it need cost much more than what's proposed. Going to a one-storey lobby should save money, or produce an extra suite; The odd angles on the 'columns' between windows likely cost extra and don't have value, they could be squared off. A change in brick colour shouldn't add to the bill either.
A bit of flourish around the windows might add a tiny bit, but if only applied to the Queen-facing podium shouldn't cost more than 1/10th of what's in the contingency.