Title: Iowa Board of Regents Greenlights CyTown Development Agreement on ISU Campus
AMES – The Iowa Board of Regents has given the green light to a groundbreaking 30-year development agreement that paves the way for the creation of CyTown, a vibrant multi-use district set to transform the landscape of Ames, Iowa State University, and central Iowa. This monumental decision, made during the Board’s Jan. 15 meeting, marks a significant milestone in the collaborative efforts between Iowa State University, Goldenrod Companies, and the Iowa State University Research Park.
Partnerships and Collaborations
Months of meticulous planning, negotiations, and infrastructure upgrades culminated in the approval of the development agreement, which will see the creation of a CyTown Management Committee responsible for steering the project’s various facets. Notable members of this committee include key figures such as the university’s senior vice president for operations and finance, general counsel, research park president, director of athletics, and a representative from the Board of Regents.
In a statement released following the Board’s decision, Iowa State President Wendy Wintersteen expressed her gratitude towards the collaborative efforts that made CyTown a reality, highlighting the invaluable contributions of partners such as the Board of Regents, the City of Ames, and McFarland Clinic. Wintersteen emphasized the importance of these partnerships in shaping the future of the CyTown development, underscoring the shared vision for a dynamic and innovative community hub.
Building the Future
Goldenrod Companies will spearhead the financing for building construction and common area infrastructure, with plans in place for the construction of eight buildings offering a mix of retail spaces, food and beverage outlets, office areas, an outdoor music venue, concierge suites, and a 215-key conference center hotel. The total estimated cost for construction is projected to fall within the range of $175-225 million.
Of particular note is the university’s commitment to a debt-free approach towards the development, with Goldenrod assuming responsibility for managing the day-to-day operations of CyTown, including tenant needs and property maintenance. The ISU Research Park will oversee Goldenrod’s construction and operation activities under a master lease agreement, ensuring a seamless integration of efforts towards CyTown’s success.
Community Impact and Transformative Initiatives
Amidst the excitement surrounding CyTown’s development, ISU Director of Athletics Jamie Pollard emphasized the project’s broader impact on central Iowa and the university community. Pollard highlighted the revenue generated from CyTown as a catalyst for continued investments in the revitalization of the Iowa State Center, including significant upgrades to parking facilities, the Scheman Building, and Stephens Auditorium.
In a nod to the project’s community-centric ethos, Zach Wiegert, managing principal for Goldenrod, emphasized the transformative potential of CyTown in fostering innovation, collaboration, and meaningful interactions. Wiegert expressed pride in contributing to a project that transcends mere physical spaces, envisioning CyTown as a vibrant hub that brings together students, businesses, and the local community in a shared spirit of creativity and engagement.
Timeline of Transformation
The journey towards CyTown’s realization began in September 2019 with Iowa State’s announcement of plans to explore a multi-use development district. Over the years, key milestones such as the authorization for planning, the selection of Goldenrod Companies as the master developer, and the approval of lease agreements have paved the way for the upcoming construction phase set to commence in spring 2025.
As CyTown inches closer to becoming a reality, the promise of a dynamic, forward-looking space that fosters collaboration, innovation, and community engagement looms large on the horizon. With partnerships firmly in place and a shared vision guiding its development, CyTown stands poised to redefine the landscape of Iowa State University and central Iowa for generations to come.
