No, I think you missed my point.
The POW plays a huge role in the vitality of the theatre district, which, let's not forget, is the third largest in the English-speaking world behind only London and NYC. There is precedent (indeed, very strong precedent) for our city to do what it can to nurture and enhance the arts in this neighbourhood. Maybe if this was a meat-packing district whose operations contributed significantly to the culture, character, economy and history of the neighbourhood, there would be precedent to save your sausage factory, too.
Show me plans for a bigger, better theatre in its place and you'll have my attention (but please, save the Stella murals!). However, justifying its demolition just because we have other theatres nearby, and because a fancy architect wants to put some residential there instead, completely misses the point. This would be a net loss for the city.