Toronto Life Square sounds awkward and does not flow easily. Even Life Square sounds a bit strange. Perhaps Times Square, in it's beginnings, sounded odd too. I just dont see that name taking off.
I think "Life Square" sounds even stranger, especially as a "derivative" if Toronto Life--which is why I asked Metro Man if he subscribed to the mag. Because IMO the idea of people coming to call the place "Life Square" is utterly, implausibly
insipid, and only an unseasoned teenage twerp with the most spurious engagement to the publication in question might think that's a neato idea *at all*.
Look at it this way. Times Square makes sense, in part because people commonly referred to the paper in question as "The Times". Likewise with Herald Square. And likewise if one of Toronto's dailies lent their name here: "Star Square" or "Globe Square" or "Sun Square" or "Post Square" all sound logical as diminutives. However, *nobody* refers to Toronto Life as "Life"--esp. since that name's already been fatally co-opted by a classic of c20 photojournalism. And unless something weird happens, nobody ever will. So why should anyone refer to the square as "Life"? (Though yes, there are similar situations within the TL family of publications, eg. Toronto Life Fashion's morph into just-plain Fashion.)
Conversely, re "Toronto Eaton Centre": there's a case where "Toronto" is more of a label of convenience (esp. given all the other Eaton Centres out there), but the place has *always* been commonly, casually known as just plain Eaton Centre. Even within upper management. Even before it was built. The reason being: the store was Eaton's. Not Toronto Eaton's. (Oh yes, it was a derivative of T. Eaton, but T means Timothy.).
And finally, as proof that "Toronto Life Square" might be less cumbersome and inorganic than it looks, take the case of Nathan Phillips Square. By "Life Square" logic, people would be commonly referring to it as Phillips Square. But they don't. They still call it Nathan Phillips Square. And if there's any commonly-used diminutive, it might be just plain "Nathan Phillips", sans Square (or else "NPS", though that sees more use textually than verbally).
Maybe that last example is the more plausible future scenario: "Toronto Life Square", or just plain "Toronto Life", or "TLS". Certainly more plausible than "Life Square"...