Our municipal politicians don't have the kind of unchecked power that US mayors have, While I believe this will happen it won't happen like Miegs. What will happen is Toronto will eventually win some kind of international circus, the original plan will be to build the stadium or something like it on the airport lands but then it will be "discovered" that that is not possible because they are mostly landfill so they will instead bulldoze and develop the eastern portlands, finally killing any hope of a Chicago style approach to the lake and in exchange they will make the airport, by then closed, into yet more unmowed meadow and call it a park.