Not the best proposal I've ever seen, but I'm inclined to say that any development is better than leaving them as empty lots, as they have been for years. Still, I would prefer to see a better development there, especially at the prominent-ish entrance of the bridge.
In regards to what was there before, here's an aerial photograph from NS Archives. It's undated, but I would say mid to late 1960s. If you go to the link for the photo you can zoom in and see the Halliday's building supply store that Keith was referring to. Over the years since the photo was taken, a number of the buildings shown have been torn down and the lots left vacant.
Link to zoomable photo
Here's another angle:
Link to pic source at NS archives