Cities all over the world have observation towers that are eventually surpassed in height by other structures (Ahem....cough... Calgary Tower) and yet the observation tower remains a tourist attraction. So the CN Tower is irrelevant in Toronto's quest for a Supertall. Furthermore, many cities in China are building observation towers right up close to Supertalls... Shanghai and Guangzhou come to mind.
Speaking of Guangzhou... Their International Finance Centre is what I am jealous of. I love its form, construction materials and sleek elegance. I think it would be a perfect fit in Toronto in the near future.
My first choice of where I would put it would be next to Bay Adelaide and right on Yonge where BA2 would go.
My second choice would be down by the LCBO. It would give a great balance with the CN Tower on the west and the CBD in the middle.
Sorry about the quick and dirty renders. I want to do one from a view from the islands but I`m still searching for some pics that will match... Give me a few minutes.