This in the Herald today: I'd heard the council was buying up the Woolworths Building - or already owned it. They should be close to owning that whole block, for which there had been talk for a while of clearing it. Costly use of a whole city block. Especially if it becomes as lifeless as Martin Place twilights and weekends. But if they can ensure that it is well-used, there's wonderful potential. As a bonus (not a negative) it would throttle traffic on George St. Discourage cars from the city. And that can bring adjacent precincts - eg alongside Queen Victoria Building - to life.
Can work well - if done right. Needs good trams though. (Suggest closing Market around State Theatre for coup de grace.)