mdsmith makes some very good comments. Even the downtown core of Toronto, I find to be somewhat ghost-like on the weekends with all the nothing but concrete being even more noticeable mixed with tourists that seem to be walking somewhat aimlessly around. A more cohesive mix of office, residential, cultural, and commercial attractions would make the streets of the downtown core more lively and vibrant seven days of the week.
Now 231 Richmond isn't far but not part of the downtown core. There is a lot more residential in that area. But a condo with good amenities on the ground floor will further enhance the area and Queen St. one block to the north. To build the neighbourhood, you need people to move in that will gentrify and create the market for it. I think Lamb is on the right path with this area of the city.