That land is owned by the City, AFAIK. The extension of the PATH to Pinnacle One Yonge is planned to pass over that space from CIBC Square, running north of 18 Yonge before turning south and running under the Gardiner similar to how the bridge from the Scotiabank Arena to One York does it.
Can’t wait until the hideous Toronto Star building is gone or altered beyond recognition. Now if only we could get rid of the equally hideous Westin Hotel.