While retail might seem a strange fit for this location, there is spotty coverage in the commercial corridor between Spadina and Bay, and I would like to see College on the south side given the opportunity to fill in. For those working at UofT, MaRS, Hydro, and hospitals, additional services and restaurants in this area would reduce the work-environment feel of the area, and provide some mixed-use balance.
As for the building and its heritage value - like the Dentistry faculty on Edward, it is functionally bland and doesn't address the street at all.