So… the University is getting revenue from this project by leasing land to the developer?
And the developer then is in charge development and operational costs, but gets revenue via leasing agreements from the individual businesses?
Cytown Update
- Thread starter norsemen
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And the developer then is in charge development and operational costs, but gets revenue via leasing agreements from the individual businesses?
Sounds like IIRC Thursday nights at Drink. "The original fun bar."
Oh man Clive After Five was great. Once stopped serving everyone would spill into the 86th street corridor bars. That area used to be so much fun.
There is 100,000 SF of office space in the current plans. I do know that the research park is basically out of space and they need more space to compete and grow their business. I assume they are speculating a bit on more space here or have a couple lead tenants lined up.
Down Under used to be a great spot for late night fun after CA5.
Down Under, Drink, and the Twisted Parrot were our go to Clive/Windsor Heights bars from like 2005-2008. We will still pop into Down Under every once in a while for a quick happy hour. Solid establishment.
Yeah shame on those silly ignorant terrible fans who had visions of places like Power & Light and TitleTown when... the AD and the promoters of CyTown literally used those exact places in their communications, marketing, media/radio appearances, etc. It felt pretty clear and obvious (and was shown in both the initial renderings and the later updated renderings/video flyovers) that a 'lite' version of these places was the "hope" all along, and these specific references helped generate the majority of the buzz over the years on the project.
So yeah, count me in as one of those idiot fans that "do not want to hear" that it actually won't be anything like that and apparently that was the plan (or expectation) all along.
If configured correctly with roll-out seating, you could have had at least two VB/BB courts for club events. Maybe that's not enough for certain huge events but could have been enough to accommodate several events like it, especially in tandem with another nearby facility, if required, although the Ames AIA facility is being re-purposed for ISU Wrestling or something else if the Wrestling funding doesn't come through.
NOT AN ATTORNEY, but that seems to be the way it's written. The developer builds and manages the retail parts of CyTown for the university, the research park manages the commercial parts of the park, the lease income from which go to the university (to cut the tax man out?) and in return the university uses those funds to pay the developer and the research park for debt service and management expenses plus profit. This is all managed by a board that includes the university, athletics, the developer, and the research park to make sure all issues and money flows are working. Whatever is left over is used for Iowa State Center repairs and improvements under the management of the athletics department.
So I guess it’s a little different now. The university will receive a share of the profits relative to their equity contribution in the project (infrastructure construction). That doesn’t change the debt aspect of the building construction, which will the developers responsibility. There are several pieces to it laid out in the BOR document.
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Did we really think we were gonna have a power & light district on University owned land? Really? I figured there might be a bar and grill or two plus another iowa state merch store. Tailgating is what this fanbase has always been about anyway
I guess I'm a bit confused what a "lite" version of TitleTown or Power & Light would look like compared to what this appears like it's going to be. The BOR drawings have an amphitheater and an anchor food & beverage business, plus space for more food & beverage. To me, that seems like a "lite" version of those spots.
Was your hope/expectation that it would be entirely or nearly entirely entertainment venues, a bit more like Power & Light? (As noted by others, Titletown does have more office space and other uses.) If that's the case, it sucks that you were mistaken, and that would definitely be more fun if it were financially feasible. But I'm pretty sure the renderings at least as of a couple of years ago were not that, so I'm not sure it should be a surprise.
Hoping for a quality brew pub in this. It’s unbelievable to me that Ames doesn’t have a good brew pub. Seems like 4-5 in Iowa City and about 20 in DSM
I don’t know what this will wind up looking like, but I’m certainly hoping we never see Jay Bowe flicking ice cubes down on people. And never see a Jethro’s in CyTown.
Please read the agreement. It's complicated, but the developer gets to shave a lot of fees, pay P &I off from rental income, and we get cash after these deductions.
Um, was I looking at different renderings that were released a couple years ago? The renderings and video were absolutely very much TitleTown lite. How on f***ing planet earth is that confusing!? They were very ambitious and exciting. And yeah, logically we all knew it would be a long shot.
LOL - Pollard in this video…
Why are you so angry? How is this affecting your life so much that you’re this pissed off about something that isn’t even close to being completed?
