Assuming the rest of LaVilla had not already been taken out, my guess is you'd have an environment between Bay and Houston Street that's similar to what you see in Riverside on King Street around College Street, the breweries and CoRK. You would have had a ton of cheap commercial/obsolete warehouse space suitable for adaptive reuses.
It would have made the argument to keep the convention center where it's at much stronger. I believe Clarkson's hotel was much smaller, so it probably would have fit our market a little better.