Most of the cities develop close to water. In my opinion, Toronto is a bit of an anomaly, artificially developing inland because of the Yonge line and restrictive urban planning. South Etobicoke and South Swansea have the lake, Humber river, Mimico Creek (not to mention High park) which are all good ingredients for growth. However, for a new downtown much more is needed. Without a subway line (go station is not enough for a downtown like community) and tall office buildings (which will not come without a subway line) growth will be limited.
I believe that the full potential of the community will not be achieved without a less restrictive urban planning along our waterfront (selling air rights above the Food Terminal and railway, allowing more density in the waterfront communities) and a good connection to the rest of the city. This is why I believe there should be a better multi-stop connection to Toronto's subway system. Whether it's a HBS-S. Kingsway, Jane LRT, or Ontario line extension. If we are talking about a new downtown, I don't think the future Waterfront lrt would be sufficient to bring potential employees to those future office towers. On the other hand, this community doesn't have to be a new downtown to be enjoyable and a nice place to live, and a better bus service from HBS to Jane station would ease some of the transit pain.