LEHI — Cabela's is still likely to be king of Traverse Mountain for a long time to come, but developers and government officials are heralding a proposed Gateway-like project south of Point of the Mountain that, if built according to plans, could be the crown jewel of north Utah County.

Forest City Development, a California-based company, wants to build a 1.2 million-square-foot mixed-use development over a 130-acre area to the west and south of the outdoor sporting goods juggernaut.

At the Friday announcement of the project, it was billed as an "outdoor, regional, lifestyle and entertainment venue."

"We scoured the Western states for locations such as this," said Colm Macken, president of the Western region of Forest City Development. "This has got everything we always looked for."

The Terrace at Traverse Mountain is to be modeled on a similar project the company built in Rancho Cucamonga, Calif., last year. That project, Macken said, has far exceeded the company's expectations, with sales 25 percent above its goal.

"That tells you that something is missing and that, as a society, people are looking for a place to gather," Macken said.

Macken said The Terrace would house between 120 and 150 stores and restaurants, serving a broad range of interests and price ranges, and should create about 3,000 jobs. He estimated the price tag of the development between $250 and $300 million.

But while The Terrace would have a strong retail element, the overall goal of the project is to create a place where people can "hang out, see and be seen," Macken said. He added the design would incorporate a Main Street concept with a town square, parks and numerous water features.

It will be a while before The Terrace is a physical reality, however. Construction is not expected to start until 2008, and completion is planned for 2009.

No stores are lined up yet, but Macken said his company has good relationships with many retailers and doesn't expect any problems finding interested parties for the development.

The developers are banking on consistent growth in the area, which has been growing at a rapid pace in recent years.

For example, Lehi's population has more than doubled in the past eight years. The city now counts some 25,665 residents.

"It's just magical to watch it happen, to see the faith and work of the people and what has happened because of it," he said.

Utah Lt. Gov. Gary Herbert pledged the state would do its part to allow for economic development.