I have just visited the place with a chinese friend of mine and most of this area is under reconstruction for the time being. I am not sure whether or not it is a preparation for the summer. You will still find a few shops and restaurants open, especially on the other side of the road.

As part of our private tour of Tianjin, we asked to visit this area, a former international run location with various European and North American influences. It is a tourist trap, with neat restaurants if you have had enough Asian food to eat. The rest is tourist shops, with lots of cheap souvenirs but few real things to buy. Spend some time, see the buildings, eat some food, but not a lot of time.