This is the Malecon - or the "boardwalk"... the esplanade by the water front. They have shops and eateries all along - and the sculptures! I read it's best to go early in the day before it gets super crowded. Heavy nightlife!
The Puerto Vallarta's malecon boardwalk has a number of intricate designs-mosaics which were drawn up by Fidencio Benítez Sánchez, a prominent Huichol (Wixarika) artist, and carefully laid out by workers using a traditional technique with drowned river stone-pebbles in cement wash. www.discoveryvallarta.com/Malecon.html