Not a distillery, but you'll have cause to drink if you live there.
It's a decommissioned coal power plant. That smokestack is still one of the tallest structures in the country at over 700'.
Just out of frame to the left is a cement factory and another Toronto landmark:
The Ashbridge's Bay Wastewater Treatment Plant.
Not to worry though. You'll hardly notice over the smell of the harbour. As part of Lake Ontario, you'll also note that even in the sketch nobody's swimming.
Sounds like it's going to be great place to raise a family!