???The Red Lion
The sign says that "The Blake House" will be opening in that space, as you noted, in Spring 2010. I assume it's going to be a restaurant of some kind, but I don't have any additional information.
I've got my hopes up since it's in my 'hood and we've had lots of closures lately.
Edit: they seem to have a domain name registered - http://www.theblakehouse.ca/ It currently just gives you an option to submit your email address to receive news and updates.