Great progress is being made on the construction of the Fraser Centre multi-use building in downtown State College.
When complete, the 165-foot-tall building will be the tallest structure in the region.
An update on the project was offered by Gary Brandeis, a Penn State alumnus and the building’s co-developer, to the Rotary Club of Downtown State College during an Oct. 22 meeting.
The Fraser Center will include 26 to 29 condominiums on the upper floors. “We already have 400 names of people interested in purchasing them,” said Brandeis. “They will be offered for sale in the spring of 2016.”
The facility will include 50,000 square feet of retail space, a restaurant and a 165-room Hyatt Hotel.
Brandeis explained that the “piano” portion of the building on the lower level is finished. Work continues on the upper sections.
“Our goal is to create the most desirable spaces in State College,” said Brandeis. “You can expect an exciting press release on our tenants soon. You will all be happy. We have signed contracts with retailers who have never been in State College before.”
The contract with Hyatt Hotels is in place. “We were encouraged by meteorological groups to include a hotel” said Brandeis. He expects State College to serve as a major meeting place for various meteorological societies and groups.
“The hotel will include a beautiful, modern lobby with high ceilings and lots of glass. It will be quite spacious,” said Brandeis. “We are looking at both transient and extended-stay markets.”
Brandeis and his partners are involved in many development projects, but none is as special as the Fraser Centre. “It was important for us to be located in a college community,” he said. “We look for projects that are low-risk and this is one of those. We see building in State College as a once-in-a-lifetime opportunity.”
In negotiating contracts with retailers, Brandeis consulted with the International Council of Shopping Centers.
“We’re bringing in exciting new retailers to the area. This will be a really modern, energy-efficient building — something that has never been seen in State College. We will be able to provide a whole new level of service in a modern hotel, including a conference center.”
The Hyatt Place will provide a strong sense of place by making use of Penn State art and memorabilia. “We want to let you know that you’re in Penn State country,” said Brandeis.
Brandeis noted that his company secured partial funding through the EB-5 program that encourages foreign investment in the United States. For the Fraser Centre program, investors from China were secured.
The 57-parking spaces for the building will be underground. Most parking will be provided at the Fraser Street garage under a special arrangement with the Borough of State College.
