You could definitely say that. Traders and merchants usually keep their goods down in the port, (along with their sailors

) and then go up into the upper city to trade. I've actually planned it out quite well.
Picture this. The city's walls are shaped like a diamond, with the upper corner cut off by the coastline.
...____
..\ ECS /
...\ H /
....\S/
(a bad picture, but it'll have to work)
The two gates are on each side of the diamond, about halfway up. The southern most point has the Shepherd's Quarter, (S) where the owners of the farms around the city live.
In the center is the Quarter of Commerce, just called the Haggles by most people. (H) In the upper left is the Quarter of Ecclesiastes, (E) where the largest Temples of the One are, and where the Priests and Disciples of the One are trained and live. In the upper right is the Quarter of State, (S) where the Hall of the Assemblum is located, the High Court of Justice, and any other government buildings.
Finally, at the top of the diamond in the center (C) is the Stratikrator's Citadel, with the Tower of Command in the middle. The Citadel has a second retaining wall, and three towers, intended to be a fortified fallback position in the event of a siege. The Tower of Command rises from the center, and is quite tall. It holds the quarters of the Stratikrator, and his War Room.
All of the other business is done in the Port, called the Mariners Quarter, or just the Lower City.
The lift comes up in the Quarter of Ecclesiastes. The entire city was almost destroyed by fire about 150 years ago, and so it was drastically replanned by Stratikrator Panteras, and probably the greatest achievement of his career.
EDIT: Finished changing it around. Hehe.