Well, first and foremost those planning videos are staged with extras pretending to party. In reality, it was rarely a very "happening scene".
To distill down why PI didn't work, consider this juxtaposition ... "Walt Disney Adult Entertainment District". Imagine trying to sell customers on that concept?
By the late-1980s/early-1990s, the last Baby Boomers were settled down and America saw the tail end of the American cocktail, nightclub, and red light culture die off; society in general became more conservative. more introverted, and more family-friendly. And that was a new market that everyone from Disney to Times Square to Las Vegas was trying to break. But Boomers were too old and Gen X was too "punk" and cynical for "manufactured" party scenes. There just wasn't a market. Today, in a world of theme bars, pop ups, and safer/controlled fun, maybe there would have been the right market for PI. But, regardless of era, bars are only hot for so long, then people want something new, so I;m not sure a permanent party district can keep up.