A group of investors in Lawrence has their eyes set firmly on dethroning the mouse.

No, not Mickey. They're gunning to take down Chuck E. Cheese.

IMAJINEthat, a new interactive play space for children at the Riverwalk complex in Lawrence, opened for business only a few weeks ago, but there are already plenty of big ideas filling the 14,000-square-foot rumpus room.

"We're doing this as a pilot," said Susan Leger-Ferraro, the sparkplug behind the new company, adding she already is considering franchise offers for the concept.

The vibrant play area at IMAJINEthat features an enormous jungle-themed climbing structure, a replica of a grocery store, and a farm among other attractions. Ferraro also plans on launching a functioning kitchen soon to provide healthy snacks for the kids in addition to pizza.

Admission is $7.95 per child, and the company also offers $95 yearly memberships — a program that's quickly proving popular with parents.

"We come here about four times a week since it opened," said Kristen Guthrie, a North Andover resident, as she watched her 13-month-old son Cameron play earlier this week.

Guthrie said she previously drove to the Boston Children's Museum three times a week but prefers the convenience of a children's hangout much closer to home.

"I think it's better," she said.

Leger-Ferraro first hit on the idea of an interactive play center for kids during one of the many field trips she led for children attending Little Sprouts Child Enrichment Center, the chain of local day care facilities she's run for several years.

"There were no good, interesting places for kids to go with their siblings, family and friends. Places where you didn't have to worry about losing your kids in the place or always be on guard," she said.

That was four years ago, although IMAJINEthat didn't really start building steam until last year, when Ferraro organized a group of 14 investors. Those investors provided about half of the estimated $250,000 it cost to open IMAJINEthat, with Ferraro using a loan from Enterprise Bank in Lowell to finance the rest.

Ferraro said she would have been willing to put up her stake in Little Sprouts franchise to guarantee the deal, but the investors — who include a meat department manager at Market Basket, some retirees, a nanny and a captain of deep sea fishing boat — all were willing to take on the risk of backing the new business.

IMAJINEthat takes advantage of its Riverwalk locale by serving up pizza delivered from Sal's Pizza and Italian Restaurant directly downstairs in the renovated mill building.

But while the two business concepts share pizza, IMAJINEthat is clearly trying to steer away the video games, soda and junk food that has made Chuck E. Cheese one of America's more recognizable — and successful — pay-to-play destinations for kids.

Launched 25 years ago as Showbiz Pizza Place Inc., Chuck E. Cheese is now owned by Texas-based CEC Entertainment Inc. and operates nearly 500 restaurants in 48 states and Canada. There are currently 12 Chuck E. Cheese restaurants in Massachusetts and New Hampshire.

A resounding success throughout most of its existence, 2005 has been a rocky year for CEC. The company has missed earnings expectations each of its past two quarters, in part due to a fizzled summer marketing blitz. Revenues during the three months ended Oct. 2 slipped to $179.6 million, a $4 million drop compared with year-ago levels. Profits also fell for the quarter although CEC still is on pace for about $75 million in net income for the full year.

Roughly two-thirds of Chuck E. Cheese's revenues come from food sales; although, Jeff Sanders, manager of the IMAJINEthat facility, said food is not intended to keep the new business afloat.

"Our primary goal is not to attain revenue from the food," said Sanders, a former engineer at Malden Mills and robotics teacher at the Brooks School in North Andover.

"The bottom line is for kids having an outlet away from home ...to learn and play at the same time."