Assuming they haven't changed the layout of the area completely, I'm pretty sure it is the same location, just shown in a reverse angle to what was always used in the original game, so the Loveless theatre is behind the "camera" and the goblin bar(?) is on the left, on the other side of the weird Edge-like gantry thing.
In the original game's opening fmv, when the camera pulls back from Aerith, you can see a building on the right with the red awning, followed by the clock tower arch, followed by the fountain, at which point the camera pans up to show the Shinra building. Aside from the Shinra building, all of these are shown in this concept art, in the same order they would appear if looking down that road in the original game - the red awning is part of the diner, and the arch and fountain are in the background. The road towards the arch looks like it's been lengthened and had more buildings added.
I don't think the building with "Loveless" written on it is supposed to be the theatre. In the original game, Loveless wasn't written on the roof - it was on a canopy over the theatre entrance. I'm not sure you ever actually see the roof of that building, as the arch blocks the view of it in the opening fmv and other views of that area don't go up high enough to see it. I can't remember if you could see it in Crisis Core or not.