This place opened a few weeks ago and we tried it the other day. It's located in the space vacated by Terra Burger (west of Avenue Rd., in the block just east of Shoppers Drug Mart).
The gelato is wonderful -- well-rounded, rich flavours and not loaded with excess sugar. They have a great range, including the best banana gelato I've had in Toronto and a fabulous Mayan chocolate with a perfect, spicy edge.
The gelato is supposedly made in-house and there's a small, decent-looking food menu, as well (which we didn't try). They're also showcasing some lovely looking baked goods, also made in house.
Definitely a great addition to the neighbourhood.