Construction on the Fraser Centre could start as soon as this summer.
Or, it could stay a pile of rubble.
Currently, there’s no confirmed timetable for when the proposed high-rise might finally change the view of the State College skyline. The university pulled its commitment to the Fraser Centre in the fall – Penn State was going to rent two floors of office space and hold classes in the envisioned cinema – and the Florida-based Franks Theatres followed suit.
Now, developers have been forced to redesign the structure to accommodate prospective new retailers.
The redesign puts the developers in a difficult situation because prospective retailers want to see the finished layout before they agree to rent space, said Kim Lentz, project manager and marketing coordinator for Susquehanna Real Estate, the lead developer on the project.
The Catch-22, however, is that Susquehanna can’t move forward with the project until they meet the required 85 percent commitment from retailers.
All hope has not been lost. Despite losing the movie theatre, Lentz said there is some “definite interest” in the available space and letters of intent have been signed. At this point, Susquehanna is not releasing the names of prospective retailers but Lentz said the space will consist of attractions totally new to State College – be it shopping, dining or otherwise.
“We’re rebuilding the plan, we’re not there yet,” Lentz said. “It could be next week and it could be next month. We’re plugging away.”
Plans to build 22 condominiums and a suite on the third floor of the high-rise are still in place, though there could be changes to their size and structure based on how the redesign pans out, Lentz said.
However, the same problem persists on the third floor as is on the first. While there is interest, not enough renters have committed to a space to move forward with the actual laying of a foundation.
In December, Susquehanna paid a final $1.8 million to the borough, which paid off the $3.275 million cost of the land which means that developers can move ahead with actual construction as soon as the 85 percent commitment quota is reached.
