The conversion of Woodward's in Vancouver into residences hasn't mark the end of its iconic red W, so I don't really see any problems with doing something similar here.
1 St. Thomas has really grown on me. It's a refreshing change from glass & concrete condos (not that they're bad, just too many of them) and I find it fits in really nice with it's surroundings. It looks good from a distance, but better when in close proximity.
I agree, I like it quite fine. Just a thought though, that a little white on white detailing - similar to the Tip Top Tailor building detailing - on the second last setback, perhaps in the form of deco style frieze, might have been a nice little touch.