You should ask the students in the CEO Program. I bet they have some good ideas. Otherwise, I like the idea of a mixed use, urban building with commercial on the ground floor and residential above.
You should ask the City for flex zoning, which allows the use on each floor to change between commercial and residential as demand changes.
Whatever business you put in the space, the ground floor should have lots of glazing (windows) because it helps to activate the street and encourages pedestrians to stop in and check out the business(es). If possible, build your structure up to the sidewalk, and try to put any parking you need behind the building, rather than next to it.
I believe I saw design guidelines on the City's website that were pretty good. You may want to look at them for further ideas on the design.
I think that building a great place is just as important if not more so than what the business is that you open. Having a great place that attracts people will make your investment more viable regardless of which business you open.