1991年2月7日，李節街17座戰前樓宇被列為危樓，4月全部住戶遷出，後被改建成一個南洋風格的小公園。土地發展公司重建李節街剩下唐樓前壁。
街道以十九世紀末香港華人首富及晚清二品頂戴花翎李陞之弟李節命名。李陞於香港擁有李陞街、高陞街、松秀東街及松秀西街四條街的業權。李陞先後參與創辦東華醫院及育才書社。1881年，李在香港納稅總額是全港之首，超越所有洋商，相當於當時全港其他華商的總和。
The re-constructed facade of a Chinese tenement house (Tong Lau) at Li Chit Garden in Wanchai.
On February 7, 1991, the 17 pre-war buildings on Li Chit Street were classified as dangerous. All residents moved out in April, and later they were converted into a small Nanyang-style park. The Land Development Company reconstructed the facade with leftover materials.
The street is named after Li Chit, the brother of Li Sing, the richest Chinese in Hong Kong at the end of the 19th century, and a decorated official of the late Qing Dynasty. Li Sing owns the title of Li Sing Street, Ko Shing Street, Chung Sau Street East and Chung Sau Street West in Hong Kong.
Li Sing has successively participated in the establishment of Tung Wah Hospital and Yuk Choi School. In 1881, Li’s total tax payment was the highest in Hong Kong, surpassing all foreign businessmen, equivalent to the sum of all other Chinese businessmen in Hong Kong at that time.
