The event features happy hour specials and live entertainment at participating businesses in the Arts District and Boyle Heights.
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The festival runs through Sunday, but Saturday will be the only day the bridge will be shut down to traffic.
From 1 p.m. to 9 p.m. Saturday, a main stage on the bridge will feature several live performances, headlined by L.A.-based band Ozomatli.
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City officials and community organizations will also break ground on the Sixth Street Park, Arts, and River Connectivity project, which will transform the land beneath the bridge into a park.
Proceeds from the event will support community-driven initiatives in the Arts District and Boyle Heights, officials said.