I do know if it is true or not but the area is named after the bridge rather than the other way around. Also the original Rialto Bridge [Dublin] was replaced in 1931.
The Luas Red Tram line follows the former Main Line of the Grand Canal – now filled in as a Linear Park from Davitt Road to the Basin Lane end of St. James’s Hospital. Luas trams now pass under the former canal bridge at Rialto. Locally known as Rialto Bridge but the official name is Harcourt Bridge which is a bit confusing as Harcourt Street is elsewhere in the city.
A temporary wooden bridge was constructed in 1766. Some time later, after a previous project had failed, a Mr. Henry Roche obtained the contract to construct an ornamental bridge costing £1200. When the bridge it was finally completed it was considered similar in shape and style to a bridge in Venice, called Ponte Di Rialto. The name 'Rialto', dating from 1795, eventually extended to the nearby district.
The bridge was reconstructed and widened in 1939 and further modified to comply with safety requirements when the Red Line Luas came into operation in September 2004.