There maybe some potential aethetic flaws, but everything about this project seems like a success story to me.
It wouldn't be and shouldn't be anywhere else because:
a) its Reitman family land, and was Ivan Reitman's vision to build such a landmark,
b) it sits squarely in centre of the entertainment district, which is befitting to its use, and
c) it needs to stand out at least a little, based on its potential iconic status; as the film fest has so much more potential to be a bigger city event than it already is