As for the original question, if, by "downtown area" you mean the area on and around the square, I'd like to see a couple more restaurants and local retailers, along the lines of those in Fredericksburg.
If you're asking about businesses that I'd like to see come to town, which would have an impact on the economy, I'd like to see something like the Toyota plant or maybe some software development companies (there is one that I know of now).
If you're just asking what direction the town ought to take, we ought to be doing more to get local residents into the university, we ought to be doing more to improve the local schools and we ought to be doing more to keep the graduates as permanent residents.
We ought to be doing more to encourage people to take pride in where they live. The litter problem in this town is ridiculous and not something that is going to help us to attract more tourism, that's for sure.
The town ought to be more pedestrian friendly, too. I can spend the day on foot (and on rail) in Boston, New York or any number of other cities, as well as plenty of smaller towns. San Marcos is not one of them. It seems to be following in the footsteps of Austin, which is no place I'd want to get around without driving.
The concerts in the park and things like that are great and we need to have more activities like that.
We also need to do more to encourage interaction between residents and students. There should be more effort to involve students and residents together in community building activities, like Bobcat Build, blood drives, Habitat for Humanity, Blue Santa, whatever.