I decided to get down and dirty, and draw up possible designs. Here is the first one, for the northern part (north of the cemetary):
This has a "reverse power centre" feel to this. I decided to focus the pure retail area in the northern part, being more central to more people. This is very regional in nature.
The darker yellow plots are for larger-scale retail (i.e. certain big boxes). The lighter yellow plots are for smaller-scale retail (i.e. smaller stores and mid-sized boxes that can use 2 levels, as such is encouraged). The light blue area is an office complex, which would be connected by pedestrian pathways to Bank Street (there will be an enclosed walkway in the area that is not shown). The light red area is mixed-use, including residential, development.
One unique feature: ALL entrances (regardless of the retail type) MUST be facing Bank Street or Albion Road, not the parking lots. The buildings go right to the sidewalks as well. That means that transit and pedestrian users get the priority, not cars who have to use local and collector roads to access parking lots. (It is assumed that buses would run along Bank Street at this point, as ridership would soar with this development idea).
Current retail and office developments in the area, which would be displaced, would have first priority for relocation. However, the area available for development overall would be much greater than it currently is. The car dealerships would be displaced but could be relocated to an auto mall elsewhere or in a land swap deal. Not all of the dark grey area would be used for parking, some could be used for greenspace as well.
Also note the road network is changed. Space is maintained for an interchange at Bank/Hunt Club and a grade separation at Albion. If that is not built at the same time (the footprint would permit such), that area would be parkland until built. Finally, the central turning lane is replaced by a treed median.