Iowa State University selects developer for $200 million CYTown project

Celia Brocker, Ames Tribune
·3 min read
Iowa State University is seeking approval from the Iowa Board of Regents to begin construction on a $200 million retail, office and entertainment development called CYTown between Jack Trice Stadium and Hilton Coliseum. This is a view of the stage at night, looking south.
Iowa State University is seeking approval from the Iowa Board of Regents to begin construction on a $200 million retail, office and entertainment development called CYTown between Jack Trice Stadium and Hilton Coliseum. This is a view of the stage at night, looking south.
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Iowa State University has secured a developer for its innovative CYTown development.

Midwest-based Goldenrod Companies will lead the design, development, financing, and construction of the $200 million multi-use entertainment district.

CyTown will be located on 40 acres between the Iowa State Center and Jack Trice Stadium. It will feature a branch of McFarland Clinic, retail and office space, luxury apartments and a restaurant/brew pub.

Iowa State announced its developer choice on Monday, which followed an extensive "request for information process."

ISU Director of Athletics Jamie Pollard said the development interest confirmed the project's viability.

"In the end, Goldenrod's expertise and demonstrated success in the development of mixed-use districts, coupled with their financial capacity and higher education experience, made them the ideal partner to turn CYTown's vision into a reality," Pollard said in a press release from Iowa State University Athletics.

Iowa State plans to reinvest the generated revenue in Iowa State Center assets. Those facilities include the performing arts centers of Fisher Theater and Stephens Auditorium and the conference and convention center at the Scheman Building. Pollard said the developer will help create a "vibrant, innovative and financially feasible multi-use district.

"CYTown's unique location will help attract more visitors to Iowa State University and the Ames' community, spur economic growth for central Iowa, and offer new amenities to students, staff, visitors, and residents to enjoy year-around," Pollard said in Monday's press release.

CYTown is expected to serve three million annual visitors who attend university events or use the CYRIDE bus system.

Goldenrod is based in Omaha, Nebraska, and was founded in 2005. They operate and manage more than 8.5 million square feet of commercial property nationwide. Goldenrod was the lead developer for the University of Nebraska's 2.2 million square foot Innovation Campus while they've also helped develop campuses for Colorado State University.

"Goldenrod is honored to be chosen as the coordinating developer for the CYTown Master Development," Goldenrod managing principal Zach Wiegert said in Iowa State's release. "We are excited to work with ISU and its stakeholders to make CYTown a truly transformational project for the University and its athletics department.

The company said they expect to turn CYTown into a "year-round destination for students, parents, alumni, faculty and staff."

"We look forward to working with Goldenrod to develop an innovative and vibrant mixed-use district that will enhance Ames' reputation as an outstanding community to live and work in," ISU President Dr. Wendy Wintersteen said in Monday's press release. "This has been a thoughtful and deliberate process, and I look forward to the momentum continuing to grow as we enter this exciting phase with Goldenrod coming alongside Iowa State as our partner in this project."

More: Iowa State's CYTown development ahead of schedule, $4 million under budget

A numbered rendering depicts the buildings that are expected to be the first to open as early as fall 2025 in the pictured CYTown entertainment district to be north of Jack Trice Stadium in Ames, Iowa. No. 1 is a medical clinic, No. 2 is retail and office space, No. 3 is 20 luxury apartments with retail space on the first floor, and a restaurant/brew pub (4).

CYTown ahead of schedule, under budget

Iowa State revealed plans for CYTown in September 2022, and construction began last March. The project was ahead of schedule in December.

Iowa State is self-funding the CYTown project. The athletic department is paying for about two-thirds of the initial parking and infrastructure costs, and the university is providing the other third, largely through private donations.

The Iowa State Board of Regents approved a request from the university in mid-November for an additional $9.5 million for CYTown. Iowa State was $4 million under budget for the project's first phase, which was approved for $24.5 million.

Phase 1, which included parking lot improvements and infrastructure installation, is currently in progress. Iowa State expects to complete that phase in two construction seasons.

Phase 2 went out for bid last winter and will complete an overhaul of parking between the Iowa State Center and Jack Trice Stadium.

More: What's being built in Ames in 2024? From CYTown to the Fitch Aquatic Center

A photo from Iowa State Athletics shows work for the first phase of construction on the CYTown entertainment district beginning in the parking lots near University Boulevard, between Hilton Coliseum and Jack Trice Stadium.
A photo from Iowa State Athletics shows work for the first phase of construction on the CYTown entertainment district beginning in the parking lots near University Boulevard, between Hilton Coliseum and Jack Trice Stadium.

Celia Brocker is a government, crime, political and education reporter for the Ames Tribune. She can be reached at CBrocker@gannett.com.

This article originally appeared on Ames Tribune: Iowa State's $200 million CYTown project finds developer