Besides being land-locked, CGA is directly north of the San Jose airport and may have federally imposed height limits, although they do have a sizable drop tower already. I'd think the airport proximity almost surely prevents any fireworks shows, though.
Santa Clara is in the heart of Silicon Valley and the area directly surrounding CGA is host to electronics-related conventions year-round, including the Convention Center itself, which is practically next door. I've been to plenty.
Santa Clara is like Vegas for nerds, and CGA doesn't really fit the neighborhood anymore. Considering the problems the city has with adding a wooden coaster, I'm guessing the city council would rather just replace CGA with more hotels and corporate buildings.