When Stephen Jackson decided to turn a former gem-polishing factory owned by his father into a hip bar and restaurant in the heart of Alexandria's industrial zone, it didn't have much company.

His family's No. 5 Restaurant & Bar is the only licensed venue in the McEvoy Street precinct dominated by cavernous warehouses, smash repair shops, sign-writing businesses and gyms.

Stephen Jackson co-owns the only existing licensed venue within the proposed 24-trading zone. Credit:James Brickwood

"We thought, build it and let's see how it goes," Mr Jackson said. "We're a bit lonely here."

That's all set to change, if the City of Sydney gets its way.