By Jenn Miller

A developer for the long anticipated Fraser Centre in downtown State College announced at Monday’s borough council meeting Hyatt Hotels has formally agreed to be part of the project.

“That’s a formal completion. Documents done, signed, sealed and that’s going to be a major part of our development,” says co-developer Gary Brandeis of Real Estate Capital Management.

Brandeis is one of the new developers and owners of the site on South Fraser Street at West Beaver Avenue. They took over the property in October and say the now vacant lot will be transformed into a 153-foot high structure with hotel, retail and residential space. The hotel entrance will be on Beaver Avenue.

Brandeis says developers are still in negotiations with retailers for the site.

The property will feature 26 residential units, which are expected to be owner-occupied, as opposed to general or student rentals. It was previously the site of Borough Hall, a parking lot and office building.

The mixed-use project has been in the works since 2008. The previous developer, Susquehanna Real Estate, had similar plans for the site. But the ambitious project never made it off the ground.

Brandeis says the goal is for retail space to be open in 2016, with the hotel and residential units following.

“We all want a good project. We all want a successful project. We’d rather do the right project, the best project, as opposed to rushing to get things done just for the sake of time,” says Brandeis. “We’re going to do it right. We’re going to do it properly. We’re going to do it to maximize our opportunity for success for all of those involved.”