Lyndon Watkins -- who is the person I believe actually created the Schmidtville idea -- seemed to argue that it was a historical reconstruction manufactured by him and others thanks to the Neighborhood Improvement Program of the 1970s. Perhaps it is like a Disney theme park, made to look like something it isn't.
He also claimed that he had 500 people in his house to look at it once, and that no other building, especially the evil modern high rise, could match that. With 420 units, I tend to think that Park Vic probably trumps him. And if he had 500 people in his house at once, I'd like to see it -- the aftermath, not the house.
ETA: It is ironic that the music being played during the break is "Crazy" by Gnarls Barkley.