Maybe, but every developer in the city saw what happened to Mirvish's project, it would be foolish to wait for the same treatment.
Mirvish (a name and family loved and respected in this city) approached the city with one of the world's leading architects (who also happens to be a son of Toronto) purposes an outstanding landmark project, sparing no expense, offering art galleries (originally to be 60,000 sq ft), educational facilities and studios, seminar rooms and a hall for public lectures. Even with all that, his project was severely scaled back and forced to be comple redesigned and significantly reduced in scale (costing a fortune in time and money). So much for good will.
That's a pretty impressive package to bring to the table and yet was not enough - do you think for one minute Mizrahi can or would bring such a package to the table? If not, you're better off asking for forgiveness than permission.