I think this could/should be a focus of Toronto's tourism strategy. While drawing on the ethnic communities in diasporsa throughout North America, we build our own ethnic cultural institutions into a cultural destination.
We should embrace these groups and encourage development of their cultural industries. Along the lines of Caribana or Pride, we could have Indian, Chinese, Muslim, Jewish, Christian, Philipine, Polish, Russian, German...Oh don't forget British Expats, the Irish, French...
We have many of these already but building them to the point that they are of their own tourist draws, would benifit the city as a whole. Traffic would suck, more than it sucks now, neighbourhoods will have to deal with large influx of people but in the end, I think it would do more to build Toronto Tourism than any brick and mortar building you can create.