SEATTLE, WA. -- For the first time in 65 years, leaders from the Seattle Public Schools are looking to put a new school in the heart of downtown.

A meeting took place on Monday night to discuss the possibility and the guests took a tour of the proposed site. The district is looking at the old Federal Reserve building on the corner of Spring and 2nd. That building has been vacant since 2008.

It would require a $50 million renovation, if they decide to move forward. District leaders were quick to point out, however, that there are many things that still have to happen if this project is to get the go ahead.

The Department of Education is currently reviewing the application from the school district, which will then be passed along to the federal government for approval. The school board needs to officially sign off on it as well.

Currently there are more than 1,000 elementary aged students within two miles of the proposed site. More than 100 concerned citizens packed a downtown Seattle Public Library auditorium on Monday to discuss the possibility.

I live in Pioneer Square with a 2 year old and we've been struggling with some public safety issues, mother Jen Kelly said to district leaders. The fact that you're looking at a downtown school is what's keeping us downtown right now. So thank you.

District leaders say if they are granted approval and funding is worked out 2017 may be the year that elementary school begins in the old Federal Reserve building downtown.

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