I am up and down the Malecon about 5 times a day, it's a bit of a white elephant - should be an awesome place for a business over looking the sea but so many business (restaurants, liquor stores etc) have come and gone In the past few years. Ok you have a few successful (Ish) ones that have been there for years but I think it would be tough.
That said you never no... Everyone always tells you your going to lose your money and I will not work. If I seems viable do your research and go for it. Good luck