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Seems like the ground floor would be perfect for a coffee shop or bar, especially with the large trees providing shade for a small patio.

The owners of the new Mid Main development also own the 3700 block: http://www.mid-main.com/new-construction.html

I think the idea of turning the Pierce Elevated into a High Line type of park is a good one, but I think tearing it down and re-stitching the street grid is an even better idea. Perhaps even incorporate a linear park like the Koreans did with Cheonggyecheon in Seoul: http://inhabitat.com/how-the-cheonggyecheon-river-urban-design-restored-the-green-heart-of-seoul/