The name is a bit misleading. Technically, there's water and this area is located adjacent to it. However, it doesn't deliver on the goods for people, like me, who are accustomed to a different setting when they see/hear "waterfront" in a name.
Despite the misleading moniker, this area is still pretty cool at times. There's a ton of special event.....festivals, outdoor shopping tents, and random celebrations. I like how they're trying to do something different. Sometimes I think Scottsdale gets stuck in it's "old ways" and at least this area will try something out of the ordinary and make it interesting.
If I were single, I'd live in one of the condos nearby and have great walking access to all of Old Town. If it wasn't for the name, I'd give it 3 Stars. The name alone is worth a 1 Star loss because it can't deliver on that promise when the "waterfront" is a canal that an old lady can throw a baseball across the width of it.
Return Factor - 50%