It's an interesting proposal, but I have one concern that go with all "outdoor" venues.
How to control the issue of "smoking" when you have to protect the rights of "non-smokers".
As a non-smoker, I feel very restricted with my dining options.
As a tower in an of itself, it's too short to be visible to the skyline and will be seen as a gap from greater distances.
On the street level, the retail element will be a welcome amenity that is pretty common with responsible developers.
From the illustration provided, the fascade leaves much to be desired.
It looks old and outdated as is.