However, in early 1793 a financial crisis, caused by the Bath Bank crash, brought disaster. Some of the builders went bankrupt and others were reluctant to take on new projects. None of Bowsher's houses were complete, but he had to continue paying rent for the land. Nevertheless, he survived the crash and in the 19th century the development was scaled down to a reduced plan with two main streets, Norfolk Crescent and Nelson Place, and the short Nile Street linking to the Upper Bristol Road to the north.Indenture for proposed pleasure gardens (10 December 1807), Bath Record Office BC153/37/14 These streets were named after Admiral Nelson, his home county (Norfolk) and his most famous victory to date (the Battle of the Nile, since the name was chosen before the Battle of Trafalgar was fought in 1805). The proposed streets in front of the crescent were abandoned and instead the area was made into a formal garden for the residents of Norfolk Crescent and Nelson Place, with each house paying £2.2 annual rent for their upkeep. At the corner of the railed gardens, where Norfolk Crescent, Nile Street, Great Stanhope Street and Nelson Place meet, a watchman's hut was built. The watchman's hut was built to a classical design inspired by the Choragic Monument of Lysicrates. The renewed scheme also saw a new architect, John Pinch, making some minor alterations to the design.
