Hyatt Hotel is coming to downtown State College, thanks to the Fraser Centre.
Gary Brandeis, an owner and developer for the Fraser Centre, presented an update on the project Monday to the State College Borough Council.
According to Brandeis, a good deal of work has been happening in the background, if not to the site itself.
“The final land development plan is done,” he said. “A deal has been completed with Hyatt Hotel.”
The hotel is expected to occupy the middle floors between the ground-floor retail spaces and upper-level residential spaces.
Deals have also been made with national and international retailers to occupy the center, Brandeis said.
One of the major holdups, Brandeis said, has been the technical nature of the construction loans.
“They’re very detailed,” he said. “When you have a big, complicated project, the construction loans become more complicated. Development is a tricky business.”
Council President Jim Rosenberger said he was happy to see the project moving forward and asked for a timeline.
Brandeis said the entire project should take 22 months, but that he hopes to have the retail section opened by summer 2016.