I really don't think this'd be a good wedding or party venue; it's too hipster for that. I do think, however, that this spot makes for a good gallery space! I went to the Ryerson New Media show - Meta 2014 - and wasn't disappointed.
It's a big space for a gallery; has some movable walls I believe, and has a few different rooms. Probably not the ideal space to hang paintings on the wall, because it's so big... but perfect for sculptures or interactive exhibits or even installation artwork. Or a combination of the kind.
One big plus - the terrace. It's gorgeous on a nice night and offers a great view of the city.