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STATE COLLEGE, PA-Pennsylvania’s busy Redevelopment Assistance Capital Program has put $2.5 million toward the development of the 12-story Fraser Centre, a mixed-use project with a cinema, condominiums, retail and office space in this college town’s downtown. Local, Federal and private funding is also going toward the project, being developed by York-based Susquehanna Real Estate.

“This funding will help generate greater enthusiasm for the ongoing redevelopment of downtown State College,” says Gov. Ed Rendell. “Pennsylvania’s investment shows our commitment to providing the resources communities need to create new opportunities for businesses, residents and visitors alike.”

The Fraser Center site currently holds the old borough building, which will be demolished in October. Planned for construction are a 57,800-sf, 10-screen 1,550-seat cinema, with a street-level entry. The round floor will also have 7,500-sf of other retail. The second floor will have 13,885 sf of office space, and 54 condominium units starting on the third floor. Construction will start in the spring.

“Our investments in projects like the Fraser Centre are generating real results,” Rendell says. “In Centre County, there are 3,700 more people working today than when I first took office in January 2003.”

The RACP has put more than $17.7 million into Centre County projects since February 2003, and more than $1.24 billion in 605 total Pennsylvania projects. The Erie Bayfront Convention Center, partially funded with RACP money, just opened this month.

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