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ISU CyTown Development Project Progress Update

In a groundbreaking move approved by the Board of Regents, Iowa State University is set to embark on a transformative journey with the CyTown Development Project. The proposed development is slated to take place between the iconic Iowa State Center and the legendary Jack Trice Stadium. The project is poised to revolutionize the landscape of Ames, Iowa, and elevate the university’s offerings to new heights.

Massive Development Scope

According to ISU attorney Michael Norton, the esteemed Goldenrod Companies have been entrusted with spearheading the CyTown development. The ambitious project is expected to encompass a staggering 72,000 square feet of retail and food and beverage space, along with 90,000 square feet of office space. Additionally, a state-of-the-art 2,800 person outdoor music venue and a luxurious 215-key hotel are set to grace the premises. Norton emphasized that this monumental undertaking is under a 30-year agreement between ISU, the ISU Research Park, and Goldenrod.

Financial Implications and Community Interest

The estimated cost of construction for these cutting-edge facilities falls within the range of 175 million to 225 million. Notably, the development area will also house the prestigious McFarland medical clinic, which has already received the green light for inclusion. Norton revealed that the CyTown project has witnessed an overwhelming surge of interest, with over 300 inquiries pouring in from various Iowa-based food providers and hotel developers. This influx of attention underscores the immense potential and allure of this grand venture.

Historical Significance and Profit-Sharing Model

The sprawling 80-acre parcel that is earmarked for development has long served as a parking lot and a hub for pregame tailgating festivities before Cyclone football games. In a bid to ensure equitable distribution of rewards, each partner involved in the project will be entitled to a share of the profits commensurate with their investment. Furthermore, Goldenrod will receive an administrative fee amounting to approximately 10% of reimbursable costs, cementing their pivotal role in the realization of the CyTown vision.