The name implies that this space was created expressly to draw a crowd of pedestrians. It appears to have been successful in this regard.
The architecture is a bit pedantic, but that does not much matter - this is an attractive street. Its appearance during the warmer months would be greatly affected by the leaves, which would nearly hide most of the buildings.
The presence of green space such as this probably increases the value of the surrounding real estate, and it is not unreasonable that buildings that front on the greenery should be taxed more heavily, to support it.
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