Bustling atmosphere around the street (5)
I believe the answer is:
astir
'bustling' is the definition.
(I've seen this in another clue)
'atmosphere around the street' is the wordplay.
'atmosphere' becomes 'air' (synonyms).
'around' means one lot of letters goes inside another.
'the street' becomes 'st' (abbreviation).
'air' going around 'st' is 'ASTIR'.
(Other definitions for astir that I've seen before include "Moving; out of bed" , "Excited; out of bed" , "Busy" , "This isn't still" , "Starting to move" .)