In the near future, there could be a cinema, restaurant, retail store or housing complex on the corner of Fraser Street and Beaver Avenue.

Or, possibly, all of the above.

Community leaders met yesterday to discuss the steps needed to complete a proposal in 30 days regarding the development of one acre of land slated to go under construction by next spring, said Teresa Sparacino, Downtown Improvement District (DID) director.

The new development would replace the Medical Arts Building, a parking lot and the former borough municipal building, currently the location of Schlow Memorial Library, all located along the 100 block of South Fraser Street.

At the meeting, DID board members initiated an economic planning agreement, which, when completed, will outline the project's goals and deadlines, Sparacino said.

But the specifics of the project will take time to finalize, Sparacino said.

"It'll be up in the air until the developer actually puts together a plan, a concept," Sparacino said.

Planners will also begin studying the potential traffic impact of the development, she said.

The State College Borough Council voted unanimously Monday to give control of the project to the DID, as opposed to a Redevelopment Authority, which would have given council more influence on the project.

Although the DID has not settled the specific elements of the project, a 12-screen cinema is almost guaranteed to be included in proposals, Sparacino said.

"This project is focused around that cinema," she said.

"That needs to be the first piece ... that gets [constructed]," she said.

The privately funded project could cost between $15 and $20 million, Sparacino said.

Proposal requests for developers will be distributed in about 30 days, she added.

DID board member Dolores Taricani said she knew of at least two out-of-town developers who expressed interest in the project, but added that she could not disclose their names.

Although final costs have not yet been determined, financial feasibility of the project needs to be considered, said Pat Daugherty, DID board member and owner of The Tavern Restaurant, 220 E. College Ave.

"I think all the pieces of the puzzle need to fit together," Daugherty said.

However, it is too early to decide on the specifics of the complex, he said.

"I think that this is the kind of project that would create excitement downtown, bring people downtown," Daugherty said.

The "mixed-use" development could include a cinema and retail space with professional, owner-occupied housing on top, Sparacino said.

"When we say professional housing, we mean market-rate housing," Taricani said.

Board members do not intend to prevent students from moving into the area, but they are interested in encouraging more adults to move downtown, Taricani said.

Taricani also said she was impressed with Penn State's support of the project.

Tom Gibson, Penn State associate vice president for auxiliary and business services and DID board member, said an economically thriving downtown can only benefit the university, but Penn State will not financially contribute to the project.

Adding professional housing to the downtown area is a "big plus" for the university because it can prove to be attractive to prospective faculty members, Penn State spokesman Tysen Kendig said.

"Any project that improves the quality of life for residents downtown has a profound impact on the university," Kendig said.