My earlier joking aside, I actually have always liked the Stollery building. It has character and charm and is unique.
But is it heritage & should it be preserved? No and no.
The building is charming for what it is, but it is a Frankenstein's monster of a building out of scale and lost in its surroundings. The only part of it which even
looks heritage is the second storey facade facing Bloor. The historical images upthread even indicate that this was not the original intended design for the building, but the result of a reconstruction in the 1930s.
The second storey facade is not typical of some important architectural movement present in the area. As far as I know, it was not designed by anyone noteworthy. At the time it was built, this building was nothing out of the ordinary. There are many other examples of early 20th century commercial mainstreet buildings in Toronto - particularly many other more worthy examples along Yonge Street and many other examples that haven't been wrecked by renovations in the way this one has. All of this to me points to a building that is not heritage.
I am a strong proponent of preserving true heritage structures, but you devalue them, and legal protections of them, when you designate or attempt to designate this sort of pastiche.
Mizrahi actually is known for developments that reflect the sort of limestone detailed facade that is presently part of Stollery's. I think a more fitting tribute would be an appropriately scaled podium (8 or so stories, not 2) in stone with appropriate levels of detailing which would be topped by a more modern-looking Foster tower. Kind of giving an effect similar to the Hearst tower (but with the podium being a new construction rather than an original).