Do we know how many units are being lost in this project? 270 units in the new tower is obviously a large net increase, but important to acknowledge the lost units in the older brick buildings are some of the more affordable options. My guess would be 10 - 15 units for each brick building, so 30 or so units overall? Net gain of about 240 units?
It's probably worth it in the long run as it's a large boost of supply in a prime location, which will ultimately help affordability and access - but it's still a trade-off, and cold comfort to anyone kicked out of the more affordable existing structures.