Cytown Update

[KennyPratt42]

The other thing about the suites/apartments in CyTown, for the donors or companies that would buy a ten year lease they probably view it partially as a donation towards CyTown getting completed. They basically need to find 60 individuals or companies that want to see the project completed and would like the extra benefit of having a gameday/weekend apartment for the next decade.

 

[FinalFourCy]

The other thing about the suites/apartments in CyTown, for the donors or companies that would buy a ten year lease they probably view it partially as a donation towards CyTown getting completed. They basically need to find 60 individuals or companies that want to see the project completed and would like the extra benefit of having a gameday/weekend apartment for the next decade.

Agree. The same applies to NEZ (and back when SEZ was temp bleachers).
Instead of being limited to trying to get donors or debt financing, give up some upside with equity financing in order to build revenue generating or needed facilities. Making it mixed use, with commercial or perhaps even residential on one side (and/or at the top), and stadium seating or suites on the interior increases the ROI

 

[crazedstatw]

Respectfully, the reaction here to the BOR diagram is largely misguided.

Here is the actual news revealed by the BOR diagram:

1. The demand for suites is way bigger than anticipated. 20 units initially planned; now 60 units. This isn’t just a result of shifting to smaller units, either. The number of stories for the suite buildings is going from 3 stories to 5 stories - that’s a huge increase in height.

2. The developers are also planning a significantly more office space. The office buildings are going from 2 stories to 3 stories.

3. The original plans identified only one building dedicated to food/beverage. That isn’t changing. The rest of the commercial space largely remains - it isn’t clear there is any reduction in square feet - and can be flexibly allocated between food and retail based on demand.

4. As Pollard has said, the hotel/conference center is now phased with the rest of the project, instead of a later phase as previously planned.

I see literally no reason for doom and gloom based on the BOR diagram. Actually the opposite — this project is going to be a fantastic success.

One other point: someone said above that the University will be taking on debt to build these buildings. That‘s wrong. Page 2 of the BOR doc says that the developer alone is doing that, and the debt will have no recourse to the University. Yes, the developer and University are sharing profits of the development after debt repayment, but in no way will the University be taking on any debt to fund construction of the buildings, or repaying it. Yet, after 30 years, the developer‘s management contract will expire, and the University will own all the buildings free and clear. This is a fantastic deal. Again, all indications are that this project is going to be a fantastic success. Let’s celebrate it.

 

[alarson]

3. The original plans identified only one building dedicated to food/beverage. That isn’t changing. The rest of the commercial space largely remains - it isn’t clear there is any reduction in square feet - and can be flexibly allocated between food and retail based on demand.

The one building is essentially just dedicated as such because it was (ideally) the brewery, right? Anything else could still be restaurant use, or retail, based on demand.

 

[crazedstatw]

The one building is essentially just dedicated as such because it was (ideally) the brewery, right? Anything else could still be restaurant use, or retail, based on demand.

Correct! There could 10 restaurant/bars and 0 stores. We won’t know the allocation between food/retail until spaces are put on the market and tenants sign leases.

It is true that the original diagrams showed rooftop space by the amphitheater and that detail is not clear in the BOR drawings. Those original diagrams were totally hypothetical/fantasy and based on very little market research. At this point, we have a developer who is ready to commit big money — potentially more than $200 million — and they have done much more careful market/cost analysis supporting this project. Nothing is really set in stone until the developer secures a construction loan, but this is now much further along than the original diagrams everyone is thinking about. Plus, it is absolutely still possible that there will be one or more rooftop spaces in the final build! You can’t figure out details like that from conceptual massing diagrams like the ones provided to the BOR.

I hate it when people brag about their credentials, but I actually do know what I am talking about. I graduated from the Design College, went to law school, and spent time as a lawyer for an architecture firm.

 

[t-noah]

Cytown - BOR

Out of touch here. Have they broken ground yet? If so, are they raising these structures (fill) high enough to be out of the flood plain?

Have they done anything to reduce the flooding risk to this area? What was the year Hilton was flooded pretty badly?

 

[Cloned4Life]

Correct! There could 10 restaurant/bars and 0 stores. We won’t know the allocation between food/retail until spaces are put on the market and tenants sign leases.

It is true that the original diagrams showed rooftop space by the amphitheater and that detail is not clear in the BOR drawings. Those original diagrams were totally hypothetical/fantasy and based on very little market research. At this point, we have a developer who is ready to commit big money — potentially more than $200 million — and they have done much more careful market/cost analysis supporting this project. Nothing is really set in stone until the developer secures a construction loan, but this is now much further along than the original diagrams everyone is thinking about. Plus, it is absolutely still possible that there will be one or more rooftop spaces in the final build! You can’t figure out details like that from conceptual massing diagrams like the ones provided to the BOR.

I hate it when people brag about their credentials, but I actually do know what I am talking about. I graduated from the Design College, went to law school, and spent time as a lawyer for an architecture firm.

Thank you for sharing the info/analysis/expertise in the last 2 posts. I learned quite a bit! Much appreciated.

 

[TitanClone]

Wonder what the condos would cost?

And how much net worth do I need to have, to be able to safely burn that much money, just to have somewhere close to go sleep after games?

I think the original announcement was they're 10 year leases in the $1M to $2.5M range

 

[NorthCyd]

I think the “can” is an easy yes. The “will” might be a little different. Say you’re a wealthy person capable of buying just about anything. Are you really looking for a second (or even worse, primary) home on a college campus? LOL.

I mean, if I was a wealthy person who could buy whatever I wanted that would be a definite yes!

 

[StPaulCyclone]

Respectfully, the reaction here to the BOR diagram is largely misguided.

Here is the actual news revealed by the BOR diagram:

1. The demand for suites is way bigger than anticipated. 20 units initially planned; now 60 units. This isn’t just a result of shifting to smaller units, either. The number of stories for the suite buildings is going from 3 stories to 5 stories - that’s a huge increase in height.

2. The developers are also planning a significantly more office space. The office buildings are going from 2 stories to 3 stories.

3. The original plans identified only one building dedicated to food/beverage. That isn’t changing. The rest of the commercial space largely remains - it isn’t clear there is any reduction in square feet - and can be flexibly allocated between food and retail based on demand.

4. As Pollard has said, the hotel/conference center is now phased with the rest of the project, instead of a later phase as previously planned.

I see literally no reason for doom and gloom based on the BOR diagram. Actually the opposite — this project is going to be a fantastic success.

One other point: someone said above that the University will be taking on debt to build these buildings. That‘s wrong. Page 2 of the BOR doc says that the developer alone is doing that, and the debt will have no recourse to the University. Yes, the developer and University are sharing profits of the development after debt repayment, but in no way will the University be taking on any debt to fund construction of the buildings, or repaying it. Yet, after 30 years, the developer‘s management contract will expire, and the University will own all the buildings free and clear. This is a fantastic deal. Again, all indications are that this project is going to be a fantastic success. Let’s celebrate it.

Terrific insight! Thank you!

It seems like those with the strongest (negative) opinions in today‘s society are usually the least informed (and often the biggest hypocrites). Society, please educate yourself and then form an educated opinion. Thanking you!

 

[Die4Cy]

The walkout gameday condos are a really nice perk that most competing institutions nearby won't have, and can be used to draw more high end donors in central Iowa who might otherwise be inclined to donate elsewhere.

 

[Remo Gaggi]

 

[Amac12]

Bare minimum you are going to have the extension of the research park, some residential presence within Cy Town, clinic traffic, and the thousands and thousands of cars down Elwood Dr/Lincoln Way every day.
People act like the only time anyone would eat at a restaurant there will be during events. Is this coming from mostly non-residents that think we just shut the damn town down and roll up the sidewalks whenever you aren't all here for a game? There's 100,000 of us in the Ames metro area. We like to go out to eat

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.

I live close to the research park and it is indeed pretty much maxed out.

 

[JM4CY]

The walkout gameday condos are a really nice perk that most competing institutions nearby won't have, and can be used to draw more high end donors in central Iowa who might otherwise be inclined to donate elsewhere.

Could have just put condos in a press box expansion with a zip line directly down to the hot tubs in the endzone. Killed like 3 birds with one stone, ain’t nobody in country got that sh*t. But hey, no one asked me.

 

[Cloned4Life]

Could have just put condos in a press box expansion with a zip line directly down to the hot tubs in the endzone. Killed like 3 birds with one stone, ain’t nobody in country got that sh*t. But hey, no one asked me.

 

[Bestaluckcy]

Could have just put condos in a press box expansion with a zip line directly down to the hot tubs in the endzone. Killed like 3 birds with one stone, ain’t nobody in country got that sh*t. But hey, no one asked me.

What no raging river from vet med, that gets turned into a bobsled run for the November games?

 

[AgronAlum]

Bought out by Mycogen and then was bought out by Dow. Now goes by Brevent, as a former Lynk’s dealer.

Hanging in the garage.

 

[NWICY]

Out of touch here. Have they broken ground yet? If so, are they raising these structures (fill) high enough to be out of the flood plain?

Have they done anything to reduce the flooding risk to this area? What was the year Hilton was flooded pretty badly?

They brought in feet of fill. Redone a bunch of the run off ditches. No buildings yet but the footprint for the area is established.

 

[scyclonekid]

 

[scyclonekid]

How about these two restaurants? Lol.