Mostly it is just a project that never quite got off the table. The ideas were big but at initial announcement hte technology didn't really support the Hall of Presidents idea (before audioanimatronics they would have just been a bunch of manequins). By the time the technology caught up the project had been abandoned and WED Enterprises distracted by the World's Fair and more specific projects and then they were all busy trying to design Disney World and Liberty Square ended up over there.
Liberty Street wasn't the first announced plan for the area, previously there had been an announcement of an International Street (a small version of World Showcase) but that never happened either.
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