GATLINBURG, Tenn. (WVLT) -- A nearly 100 year old landmark in downtown Gatlinburg may be on it's way out, and that's not sitting well with some in the community.

A developer is looking at purchasing the land where the Arrowmont school of arts and crafts currently for a large retail development.

If the deal goes through, officials at Arrowmont say they'll move forward.

They say their financial means are challenging, and some feel it will be the end of one of the nation's biggest treasures if forced to move.

Arrowmont director David Willard says, "They've gathered this last weekend to talk and they'll be talking a lot more about the future of the school with me."

As the Arrowmont Board of Governors considers it's options, Willard says Arrowmont will go on.

Willard says, "I am here to tell you is Arrowmont is here, it's continuing. It will continue and we have a very positive future for the school."

But funding is an issue.

Willard says, "As we look at our revenue picture and so on and we look at enrollment, I think this is a national situation that all of us find challenging."

And that's what worries some people like Kitty Alcott, a former student and now teacher at the school.

"I think everybody in the back of their mind is worried it won't happen."

The concern has prompted an online petition against the development that has as many signatures in a week as the city of Gatlinburg has residents.

A recent protest was held at the school just five days ago.

Alcott says, "We had a lot of positive support from people that were driving by and it made it you feel like it was worth your while to invest your time to do it."

She hopes if it has to relocate it will do so close by, but there are places to relocate where land is cheaper and Townsend has open arms.

Herb Handly with the Smoky Mountain Visitors Bureau says, "By the many mountain crafts that they produce over there in that school and they would be a wonderful fit for this area."

If the deal goes through, Pi Beta Phi has committed $9 million for the relocation of their 17 acre crafts school.

Some feel it may not be enough, and they're urging people to sign the online petition they plan to give to the fraternity to show their opposition to the development. CLICK HERE to read or sign the petition.