Meh, maybe, but not likely. The Marshall Street side of the Hill is some of the most expensive real estate in the county (SU paid $1.4 million an acre for a lot in the neighborhood last year - that's extraordinarily high for this region); that's going to be reflected in the rent. This is why we've got Chipotle and Starbucks and a bank on that block. Some landlords will eat that potential profit and operate their own businesses or even cut a break to local store owners (as the Dellas family has done), but we're certain to see more chains as the area is redeveloped.
The plan that JR saw represents a real (positive) change from the status quo on campus. Building, oddly enough, on Cantor's work, he wants to move the center of activity north - housing at Skytop is viewed as unattractive and the opportunity exists to draw students by offering school-owned residential options on the north and west peripheries of campus (which, again, would create synergy between SU and downtown). Like all previous plans, however, it's unlikely that many aspects of the plan would be implemented (we're still waiting on that sweet Bird addition and the absurd parking garage under Walnut Park detailed in the 2003 plan). Among other things, I don't see Waverly being closed as a public through-street (though it'll probably get a complete-street reconstruction in 2017).
The Dome renovation is probably going forward, though, and everyone on here is going to like it. Don't worry - Kent's not going to alienate Fine Messers or the other handful of people who want to tailgate. Far from it - I expect enhancements to the experience.