AMES, Iowa (Iowa Capital Dispatch) – Iowa State University is moving ahead with its CyTown project with plans for the development’s buildings and outdoor spaces.
The Ames university will seek approval from the Iowa Board of Regents for individual building site plans included in the CyTown development project at a virtual meeting Wednesday.
The project’s overall site plan was already approved by the board in January, along with ownership and lease structures and optional real estate services. ISU has entered into a 30-year management agreement with Goldenrod Companies and Iowa State University Research Park for the development, which is being directed by a management committee made up of board of regents members and leaders from both ISU and the research park.
ISU already approved the site development lease plans, board documents stated, and the committee had input in its creation.
ISU General Counsel and Chief Risk Officer Michael Norton said during the board’s January meeting the project will cost between $175 million and $225 million to complete. According to a presentation published online by the board of regents ahead of its Wednesday meeting, total building costs for the project will come in at more than $139.6 million.
The presentation also stated that $184 million in net revenue will be generated by CyTown for the university over the next 30 years.
Included in the CyTown site development lease plans are overviews, renderings and projected budgets for the majority of the area’s buildings, excluding the already-constructed McFarland Clinic and a hotel still in its design phase. McFarland Clinic is a health care clinic with primary, urgent and specialty care and is the “anchor tenant” for CyTown.
Described in the plan as “the glue that holds all of CyTown together,” Cyclone Alley will run through the center of the development, expanding access to the university bus system and ending in an amphitheater for entertainment. According to renderings in the board document, Cyclone Alley will include an “Alumni Walk” walkway with landscaping and water.
“The signature piece of this building is Cylo, a versatile amphitheater at the north end of the alley, ready to host acts of all sizes,” the plan stated. “A massive digital backdrop enhances the immersive experience for up to 3,500 people on the viewing lawn.”
This portion of the development will cost just under $19.4 million, according to the lease plan.
With the Cylo taking point at the north end of CyTown, the mixed-use buildings on the west end of the development between the amphitheater and McFarland Clinic are both slated to house retail spaces and units for “both short-and-long-term stays,” the lease plan stated.
Both buildings will have entertainment spaces on the second floor — building C will boast views of Jack Trice Stadium and building E will “provide a premium space for those to attend events at Cylo, creating a distinctive setting for gatherings and events within CyTown.”
The project budget for building C, with a building area of more than 83,000 square feet and five levels, totals more than $27.9 million in the lease plan. Building E will also have five levels and include almost 82,500 square footage, and will cost more than $27.6 million.
A “Food & Beverage Anchor Building” will sit across from the McFarland Clinic on the south side of the development, according to the plan. It will house two dining vendors, one for each floor of the building. The total building area is more than 16,800 square feet and will cost more than $5.8 million.
“Its location provides convenient access for stadium visitors, nearby clinic patrons, and those looking to enjoy the lively atmosphere along Cyclone Alley,” the lease plan stated.
The remaining two buildings on the east side of the development, buildings D and F, will be used for retail and office spaces. Building F will also have a terrace on its second level with seating that can be used to view Cylo events. Building F has a total project budget of more than $29.8 million and building E will cost just under $29 million.
According to board documents, Goldenrod and McFarland Clinic will together invest $185 million in land and building construction and improvements for the project, and ISU has already invested $30 million to replace parking lots and civil infrastructure.
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