Related to the previous post, here's a slightly older (but still relevant) article published in Second Wave Media. The author, Kathy Jennings, explains more about the community efforts to revive the commercial core of the Edison neighborhood, where Pho on the Block (POTB) will become the newest business in a few short weeks.
Vietnamese fusion restaurant one part of Washington Square transformation
I think the deliberate changes happening in the Washington Square area are a good thing, because it sounds like everything is being done purposefully, with strong community involvement, and not by outside investors who just want to fill storefronts with tenants. The Edison neighborhood is the most populated neighborhood in the city, and it is home to the city's largest Hispanic population.