One problem with doing this - as seen in Manchester in the UK, is that the new residents will demand that their neighbouring bars and clubs be closed to cut down on noise and disturbance. It has the effect of gutting a city centre of it's culture and nightlife.
Same thing is happening in London's Soho. New 'luxury flats' blocks are being built and life gets sucked out of the place through gentrification, but I guess Soho Estates is happy. Another victim of this short-term developer greed is London's Denmark Street where Jimmy, the Beatles, the Rolling Stones, David Bowie and the rest of the world's rock and pop royalty used to hang out, record, and shop for gear. That area could have been turned into London's mini Nashville with recording studios and clubs, but instead we got the Outernet monstrosity. Most of the old shops are gone, the only ones surviving are maybe three guitar shops. There are a couple of new ones, Roland and Korg, but the staff are so incompetent that I don't see them lasting.
