There's definitely a lot of wishful thinking in that report. I'd rather see them keep the expectations realistic, manageable and potentially doable. Let's face it Sherbourne Commons is no Millennium Park, not no way and not no how, but it is a nice space and has potential.
As per an historic 'South Street Seaport'-type concept I'd be curious to know if the old 18th century pier that was uncovered a few years back is being preserved somewhere? This could make a great centrepiece for such a plan, along with an historic tall ship and perhaps a museum dedicated to shipping on the Great Lakes and Toronto's waterfront history... and if we're moving historic piers out of their original location could a historic building whose original context has been irretrievably degraded be moved to house such a museum?