I finally figured out why the lions, which also happen to be a male and female, face towards the Loop.
These gates are the entrance to University Heights, a subdivision laid out to the northwest along Delmar.
Continuing with the university theme, the streets are named after Ivy League schools.
Read more about the building of University Heights here.

10/05/2012, 01:45 pm
They are actually a lion and a tiger (though we UCitians have long considered them a pair of lions). There are accounts of the sculptor, George Julian Zolnay, referring to “…working on my lion and tiger sculptures…” If you look closely at the “female” you can see the tiger resemblance.
Another interesting tidbit: The entrance to Lyon Estates, home to Marty McFly in Back to the Future, is based upon the Lion Gates.
From http://backtothefuture.wikia.com/wiki/Lyon_Estates
10/08/2012, 11:11 am
Ah, that does look like a tiger! Thanks, Kim.