STATE COLLEGE – Gov. Edward G. Rendell announced Pennsylvania’s investment today of $2.5 million in the Fraser Centre, a $43 million project that will include a state-of-the-art cinema, condominium tower and retail/office space in the borough’s downtown.
“This is good news and a good project for State College,” Rendell said. “Pennsylvania’s investment shows our commitment to providing the resources communities need to create new opportunities for businesses, residents and visitors alike. This funding will help generate greater enthusiasm for the ongoing redevelopment of downtown State College.
“Our investments in projects like the Fraser Centre are generating real results. In Centre County, there are 3,700 more people working today than when I first took office in January 2003. This shows that our economic development strategies are working.”
The 12-story Fraser Centre building will be developed on the site of the old borough building, which is scheduled to be demolished in October. The new facility will hold:
-A 57,800-square-foot cinema with 10 screens and 1,550 seats; a street-level box office entry will be available from South Fraser Street.
-A condominium tower with on-site parking that will serve as a multi-use residential and commercial building. The tower will have 54 apartments beginning on its third floor.
-7,500-square-feet of retail space, beginning at street level, with a front entrance on West Beaver Avenue and South Fraser Street. A second level will contain 13,885 square feet of office space.
-Construction on the project, which also includes local, federal and private funding, is slated to begin in the spring.
Funding for the Fraser Centre is coming from the state’s Redevelopment Assistance Capital Program, or RACP, which is a vital component of the Governor’s economic stimulus package. The grant program is for the acquisition and construction of regional economic, cultural, civic and historical improvement projects.
Including the Fraser Centre project, four RACP projects have been approved for Centre County since February 2003, totaling more than $17.7 million. There have been 605 RACP projects awarded throughout the commonwealth since 2003, totaling more than $1.24 billion.