Iowa State Media Relations
AMES, Iowa – The Iowa Board of Regents approved a 30-year development agreement at its Jan. 15 meeting that allows Iowa State University, Goldenrod Companies and the Iowa State University Research Park to move forward with the CyTown multi-use district.
The board’s decision comes after months of due diligence and negotiations, and the completion of infrastructure and long-overdue upgrades to the parking lots between Jack Trice Stadium and the Iowa State Center.
“The CyTown project would not be possible without the tremendous collaboration from many partners including the Board of Regents, the City of Ames and McFarland Clinic,” said Iowa State President Wendy Wintersteen. “We look forward to the ongoing partnerships as the CyTown development begins to take shape.”
The agreement will create a CyTown Management Committee to provide direction on all aspects of the development. Members of the committee will include the university’s senior vice president for operations and finance, general counsel, research park president, director of athletics and a member of the Board of Regents.
Goldenrod will arrange financing for building construction and common area infrastructure. The development is anticipated to include eight buildings with space for retail, food and beverage, office space, an outdoor music venue, concierge suites and a 215-key conference center hotel. The estimated cost for construction of the facilities is $175-225 million.
The university will have no debt obligation regarding any aspect of the development. Goldenrod will manage operations of the development including securing and addressing the needs of tenants. The ISU Research Park will oversee Goldenrod’s construction and operation of the development as part of a master lease agreement.
“CyTown will bring new opportunities and excitement to central Iowa, Ames and Iowa State,” said ISU Director of Athletics Jamie Pollard. “Additionally, revenue from the development will allow the university to continue its ongoing investment in the revitalization of the Iowa State Center, which includes the vastly improved parking lots, renovations to the Scheman Building and improvements to Stephens Auditorium.”
Zach Wiegert, managing principal for Goldenrod, says the partnership with the university and research park will have a positive community impact.
“More than building a space, this is about creating a place that brings together students, businesses and the community. CyTown will foster innovation, drive collaboration and most importantly encourage meaningful interactions,” Wiegert said. “We’re proud to be part of this transformative initiative and look forward to the opportunities it will bring to the university and Ames.”
Businesses interested in learning more about CyTown opportunities may contact Cassie Paben with Goldenrod Companies at cpaben@goldenrodcompanies.com.
Timeline of the project
AMES, Iowa – The Iowa Board of Regents approved a 30-year development agreement at its Jan. 15 meeting that allows Iowa State University, Goldenrod Companies and the Iowa State University Research Park to move forward with the CyTown multi-use district.
The board’s decision comes after months of due diligence and negotiations, and the completion of infrastructure and long-overdue upgrades to the parking lots between Jack Trice Stadium and the Iowa State Center.
“The CyTown project would not be possible without the tremendous collaboration from many partners including the Board of Regents, the City of Ames and McFarland Clinic,” said Iowa State President Wendy Wintersteen. “We look forward to the ongoing partnerships as the CyTown development begins to take shape.”
The agreement will create a CyTown Management Committee to provide direction on all aspects of the development. Members of the committee will include the university’s senior vice president for operations and finance, general counsel, research park president, director of athletics and a member of the Board of Regents.
Goldenrod will arrange financing for building construction and common area infrastructure. The development is anticipated to include eight buildings with space for retail, food and beverage, office space, an outdoor music venue, concierge suites and a 215-key conference center hotel. The estimated cost for construction of the facilities is $175-225 million.
The university will have no debt obligation regarding any aspect of the development. Goldenrod will manage operations of the development including securing and addressing the needs of tenants. The ISU Research Park will oversee Goldenrod’s construction and operation of the development as part of a master lease agreement.
“CyTown will bring new opportunities and excitement to central Iowa, Ames and Iowa State,” said ISU Director of Athletics Jamie Pollard. “Additionally, revenue from the development will allow the university to continue its ongoing investment in the revitalization of the Iowa State Center, which includes the vastly improved parking lots, renovations to the Scheman Building and improvements to Stephens Auditorium.”
Zach Wiegert, managing principal for Goldenrod, says the partnership with the university and research park will have a positive community impact.
“More than building a space, this is about creating a place that brings together students, businesses and the community. CyTown will foster innovation, drive collaboration and most importantly encourage meaningful interactions,” Wiegert said. “We’re proud to be part of this transformative initiative and look forward to the opportunities it will bring to the university and Ames.”
Businesses interested in learning more about CyTown opportunities may contact Cassie Paben with Goldenrod Companies at cpaben@goldenrodcompanies.com.
Timeline of the project
- September 2019: Iowa State announced intent to study multi-use development district.
- June 2022: The Iowa Board of Regents authorized planning for parking and infrastructure improvements needed for the CyTown development.
- September 2022: Iowa State announced plans for CyTown.
- February 2023: Iowa State began working on improvements to parking lots between Jack Trice Stadium and the Iowa State Center along with infrastructure construction.
- September 2023: McFarland Clinic announced as CyTown anchor tenant.
- November 2023: The Board of Regents approved schematic designs, project descriptions and budgets. Funding for the infrastructure and parking lot upgrades came from the athletics department, private giving and university investment income, which will be repaid with revenues from the development.
- February 2024: Iowa State selected Goldenrod Companies as the master developer for CyTown, following an extensive request for proposals process.
- June 2024: The Board of Regents approved a lease agreement with McFarland Clinic, and a Payment in Lieu of Taxes (PILOT) arrangement with the City of Ames. The PILOT will be equivalent to the amount commercial tenants pay for property taxes in other areas of the city. Iowa State will dedicate one-third of PILOT funds to renovations and repairs for the Iowa State Center.
- Fall 2024: The majority of the infrastructure project was completed. McFarland lease was finalized.
- Spring 2025: Preliminary construction for development scheduled to begin.
