There are many a facade that have stood with proper bracing for quite a long period. There are at least two in Montreals old port area that have been standing for at least 10 years. The one houses a patio/park space and the other outdoor seating for a restaurant. It is actually a cool unique feeling to have buildings on all sides of you and a open facade to the front.

I would love to see a restaurant or beer garden open in that area behind the facade if not a new building.

As long as it is braced properly there will be no issues.