I really don't think much will change.
The markets and temple were built in the 1980's replacing the original temple in a different location slightly north about 1 block away. I understand that the design was selected as a grasp at retaining some historical and cultural awareness at a time when China was loosing it oriental characteristics.
The external shops will be modernised as will the paving, much like Water Garden Lane was, parallel to Women's Street also revampted in SanXiaoKou. The buildings and rabbit warren sections will probably remain as they are.
The store owners of Water Garden Lane have all retained their leases. No spaces are available.
NuRen Jie (Women's Street) had a larger number of shop front turnovers where the owners opted to rent the space or join forces with other merchants to create a larger front but the majority chose to stay and pay higher rents. A good choice, a safer shopping area with much higher turn-over. The food stalls often split the space and converted to twin franchise but in general there was improved quality and hygiene.
Look where the subway, bus terminal and museum are in relation to Temple Markets.
Property in AnQing Lu around MongCheng Lu is about to become very valuable.
Yes, coffee and tea shops will be abundant but fewer street venders and hockers.