Who's making the decisions to fund this? TO Live's stages are notoriously under-utilized, and dark most nights. Sure the SLC could use a facelift, but for who? Who is using the facility when this is complete?
If there was any sense to this, you need 2 or 3 theatre companies to sign on as long term partners/tenants, and build the facilities that these theatre companies actually need (rehearsal halls, scene & wardrobe shops, prop & set storage, etc.).
These proposals (that include ridiculous things like theatres open through glass to the streets, or performance spaces on bridges over Scott Street!?) are completely useless to the reality of the theatre scene in this city.