What I like about that is that it gives the feeling of a more organic urban environment that developed over time. It features different heights, different finishing materials and different architectural styles. This is the closest thing you will get to recreating a town center all at once rather than over time.
I hope the development in Holladay encompasses a few different heights and finish materials, and hopefully some architectural variety.
I think having multiple stories along Holladay blvd will give it a much more quaint feeling than rebuilding one story buildings. Part of a walkable community or walkable neighborhood is having people near by that will actually walk from their residence rather than drive and then walk around.
Again, those opposed to these type of development are what I have referred to several times in the past, C.A.V.E. people Citizens Against Virtually Everything. (phrase courtesy of Dr. Robert Simons, Cleveland State University College of Urban Affairs)