
The Canal Walk is actually a restoration, of sorts - an attempt to resurrect an urban waterfront that existed in the Nineteenth Century as the main artery of commerce. The canal system in Richmond was actually a series of canals, lock and basins that permitted mule-drawn and manually-powered barges to navigate past the falls in the James River to points west, as well as providing power for industry.
Here is a map of downtown Richmond as it existed in 1876.

Note the extensive network of water in the downtown area - particularly the Central Business District.
In the 1980's the James Center was developed on the site of the largest basin, creating a precinct of unremarkable office towers, mediocre public plazas and surface parking lots.

Suppose the development of post-industrial downtown had maintained these waterways in an extensive form. Arguably, downtown Richmond would be a very different place.
