I don't think lumping the historic Princess together with the not as historic Paramount is at all helpful for this discussion. They are buildings in different locations from different eras. I don't see the former being torn down, the latter may be.
Of course, the Edmonton mentality is often to take the easy way out and tear things down, rather than do the hard work to preserve and find a use for it and for the most part the current generation has less appreciation for historic buildings that the previous one, so who knows.