Well, I agree with the spirit of your sentiments, but you'd need to convince me that drunk, obnoxious twenty-somethings needing to disturb people a km away with their loud music is somehow critical to the progress of the city.
Good luck.
Ok I grant you this, this particular topic is a bad place to make that point even for me, since I absolutely abhore going to clubs; and if this clubs gets built or not makes little difference in my life.
But there are two points I'm trying to make from this. The first is the world's biggest nightclub would attract people to Toronto, giving our city a needed boost in the tourism sector, especially if they make it a winter friendly place; since out winter tourism is pathetic. This would bring in money, and hopefully reinvestment into the city. Granted there are better ways to do this than this club though.
Second I'm making an overall point about the complaints that stall Toronto in development. When I go to and live in other cities things are bustling. In Taiwan everyone is hustling for money day and night. They are opening up street vendors and night markets, and it's alive. It feels like a city. Even in more conservative places like Italy, patios and gelato places are open long into the night. Here you get a noise violation fine if your place on the Danforth keeps their patio open past midnight. I walk down major streets at night and it's literally dead. If I didn't know how safe this city actually is I would be frightened by the lack of people. It makes the city feel very unvibrant, boring, and suburban. All these things are not attractive when it comes to promoting a healthy city in the 21st century.
Let's face it industrial jobs are gone and will increasingly by mechanised. The middle-class is disappearing, and the only way to make money is by opening business to the global elite; which means entertainment, artisanal goods, and art. In short the only way to make money in a developed country is to take back the money we give to the rich. Other cities are frankly kicking our collective butt at that. When I'm in Japan, the entertainment is insane. Day and night I can get whatever I want. When I'm in England, the theatre, pubs, and food are amazing all day and night. When I'm in Toronto I can hear a pin drop from a kilometre away, and most of our food is just stolen fads from New York and L.A.
I agree, this night club probably won't be the progress we need in order to build a healthier city. For me though, it is one step closer to changing the city into a more service oriented city. Because right now our economy consists of banks and property; hardly a healthy combo.