There's lots of ways this can happen but the likely ways are very slow.
The city can get involved, using taxes or permits to indirectly drive development.
The city can sit back and let private entities buy up the land for cheap as it gets more and more run down. Bike week does set a bottom limit on the value.
The city can take certain parcels by eminent domain and develop them or sell to a developer.
I'm not sure how a master plan comes in to play, who pays for this plan and who enforces it?
It only takes a few successful businesses to flip the trend. Think about a string of old time lakefront camps. One guy sells out and someone builds a mansion. Now all the nearby places, become much more valuable and their taxes shoot up. Suddenly the old timers places can't afford the taxes and must sell.
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