Addressing the street is the most important. But, no, not a 'luxury' tower as you put it. Good design doesn't have to me glass-curtain wall, nor does it have to mean more expensive. Good design does mean avoiding stucco and bargin-bin blueprints. It also means having a design control board at a municipal level to protect areas of importance from discount designs dominating our skyline for the next 50 years.
Like I said before, look to the new Laurier residence just up the street. Far from perfect, but a building that will age better, and already looks 200% then this. And it was built with institutional/public money where they always like to keep it cheap!
Cities are the most extraordinary human creation. They are this phenomenon which has unbelievable capacity to solve problems, to innovate, to invent, to create prosperity, to make change and continually reform. - Ken Greenburg