It’s not clear to me that $180 million is an unreasonable amount of money to spend on a state-of-the-art building with multiple music studios and dance halls, necessary for music or dance programs that the school (presumably) offers. Between the tuition the students pay, grants from government, and potential commercial use of the space (for concerts, shows, etc.) it’ll likely pay for itself soon enough.
Also bear in mind - while still pricy, higher education in Canada is leagues cheaper than in the US. My degree from UofT - usually internationally ranked among or at least near the Ivy Leagues - was about $5000 a year.
So I’m not sure this belongs in the same category of educational institution excess or Bermuda Triangle of finance stuff you’re talking about.