^It is a development called "Constellation" and is on the parking lots between the Elbow River Casino. Almost assuredly will never get built. Speculation is that the owners of the site (investment group from Vancouver I believe) were just playing around with maxing out some of the zoning and technical limits of the site.
When the above rendering was done, the artist had just heard some heights of buildings at the time and came up with some placeholders for the animated gif rendering above. There has since been some "official" renderings released. Here they are:
Again, important to note that this is extremely unlikely to actually get built.