Yeah it does have a long way to go but it certainly is going in the right direction.
Especially since the city has decided to separate development between the two downtown cores of the city. The waterfront core (Port Arthur) is getting the more residential and hotel development stuff and the other core (Fort William) is getting the more commercial/office developments. At least they are doing it right

Nice that they are maximizing their resources and not picking one core over the other.
Ps. Here's a cool Winnipeg development that seems to be moving along nicely: