I think adding something like this closer to the core of the city gives the area a more "family friendly" (for lack of a better term) feel. While the style may not be great architecturally, it will, prices permitting, attract more "regular folk". It's the regular folk that bring in those neighborhood, lived-in atmospheres we want in these areas. As much as today's youths drive me bananas, seeing them walking around these core neighborhoods means we have reached new levels of the places people call "home". I see them trickling in to uptown and Noda and this will increase them to Belmont as well. They'll go out with their crappy music, ridiculous slang, unoriginal outfits, dad's money, and signify that this is a good place to live and invest.
As long as the whole area doesn't turn into this, a little drop here and there is good yeast.