This story from planet money is awesome. It explores how Omaha accidentally had an upsurge in (for want of a better word) cool due to an art-house movie theatre and an indie rock club. This 'cool' lead to change and growth.
This is a great idea for the economy in general, and their may be some flow on effect to youth unemployment by encouraging young entrepreneurship/businesses... but think this idea is not directly targeting the people who are actually likely to unemployed. People who'd likely be targeted, in my opinion, would already be the ones likely to find employment. (Sorry to be black hat).