The McDonald's at the corner of State and 5th streets in Erie will soon be demolished, and a five-story mixed-used building will fill the space.

The Erie Downtown Development Corporation today unveiled its plans to invest $18-25 million dollars in the site. Officials say the bottom two floors could house commercial or retail businesses. They plan to divide the top three floors into approximately 40 apartments.  The plan calls for an 83,000 square-foot building, which is more than 14 times the square footage of the McDonald's currently on the site. 

EDDC officials say the new building could provide a boost for Erie's economy. They predict the more than a hundred employees will work in the building, a big jump from the 15 to 20 who worked at the McDonald's. Likewise, the property's value could skyrocket from $625,000 to more than $12 million. That would bring in more than $400,000 in taxes. The McDonald's paid slightly more than $20,000.

The one problem the plan doesn't solve: parking. The current proposal doesn't call for parking lots or a parking garage. But EDDC officials say they're working to come up with a parking plan.

Construction is expected start in 2021, and officials say it will take two to three years to complete.