I wonder if this property will incorporate various "community benefits" to make it more compelling to city planners and city council. For example, Gehry's 8 Spruce Street in NYC incorporates space for a school and a hospital. The Mirvish/Gerhy property, in addition to the art space for OCAD, might include daycare space, community theatre space, or some of the other features we're seeing in the new Regent Park. Their location is right across from Metro Hall, where a lot of city gov't agencies exist, so why not a community/youth employment office, or a health care centre? And what about some family-friendly units, or residences geared to seniors or lower income residents? With three towers, they can surely segment them in different ways, catering to different demographics and income levels. If the three buildings are designated solely to high-income professionals, then it will be less palatable to me.
Mirvish's recent announcement of "
Off-Mirvish," their new Off Broadway-style subscription series, it does seem like they are looking to diversify their theatre offerings and not just focus on Broadway-sized shows (despite the demise of Dancap, which gives them back their virtual monopoly). I suppose they could use the Elgin/Winter Garden and possibly the Sony Centre as venues for shows following the demise of the Princess of Wales.
Edit to add: Just noticed that on Twitter the talk seems to be "Princess of Wales Theatre to be demolished for condos." I think they need to deflect that talk and show how this complex will provide benefits to the city beyond just 'more condos.' The loss of the theatre is big, but a theatre can be replaced. But the addition of two new art spaces, classrooms, lecture halls, shops and restaurants, and possible other features--these are all to gain by this project.