Well, the purpose of the residents within close proximity is just to "charge" the area. They are the people who are in the coffee shop every day and sitting around on the benches, they aren't the big spenders who come in from other areas of town that really generate revenue for merchants.
As for the difference with Bridge Street...parking and accessibility. At Bridge Street you might have to park and walk, but you don't have to hunt several blocks for parking. The psyche of someone looking for parking is they want it now and close, and if they can't have that they want it easy. In an active downtown environment you rarely get any of the three...but when there is something worth visiting it then that person looking for a space is willing to compromise.
I'm not completely ruling it that it wouldn't work...but typically in places where it has worked they are very unique circumstances and very motivated investors.
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"Make no little plans. They have no magic to stir men's blood and probably themselves will not be realized. Make big plans. Aim high in hope and work. Remembering that a noble, logical diagram once recorded will not die."
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