On the corner of Queen

On the corner of Queen and Water is a sign that says "Take a walk down Water Street" and it points in the direction of Great George.

Shouldn't it say "Take a walk up Water Street"?

Now, I haven't studied this to the point that perhaps I should have, but in a purely geographical sense, one would be walking *up* the street if one were to follow the pointing-arrow advice of the sign. However (and this is the part of the study in which I am perhaps failing), I wonder if the house-numbering in that direction goes in a downward direction, and therefore "Take a walk down Water Street" would be correct enough.

One thing I do know - I won't sleep tonight.