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In 2008, plans for the North Place and Portland Street car park sites included a new library, flats, homes and retail space.
BBC: Cheltenham car park site consultation starts
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The parade started at 11:00 BST from Madeira Drive and takes in King's Road, West Street and North Street before travelling up the A23 to Preston Park.
BBC: Brighton and Hove Pride gets under way
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The area, which runs east from Central Park past ritzy Park Avenue apartment houses to the East River, and north from 60th Street to 69th, is home to such plutocrats as David Rockefeller, Rupert Murdoch, Ronald Perelman, Robert Bass and Sumner Redstone.
FORBES: Manhattan's Now Home To America's Most Expensive Zip Code