What I would love, though it is completely unlikely to happen would be for them to:
1. Take out the parkade + buildings (though saving some façade would be amazing)...
2. Dig down for 3-4 floors of underground parkade along the full length.
3. Have the street level + a number of floors above (2-3?) as a downtown theatre; the site is large enough for a decent-sized complex).
4. Have the tower above that (not necessarily, but possibly at the corner of Cornwall and 12th).
5. And fjnally... have a restaurant or two on the 12th ave side...
Dare to (unrealistically) dream...
This is probably better-suited to the Regina thread...