Cytown Update

Cyclonsin

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Just odd being right next to Torrent. Not sure how 2 breweries would do that close to each other.
Competition is good for the consumer, bring it on.

Alternatively, a decent distillery in Ames would be wonderful.

As an aside, I haven't been to Torrent in years. Have they improved from their first 18 months or so?
 

interrobang

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Competition is good for the consumer, bring it on.

Alternatively, a decent distillery in Ames would be wonderful.

As an aside, I haven't been to Torrent in years. Have they improved from their first 18 months or so?
Has been a couple of years since I was there last. Wasn't good enough I have wanted to go back. Alluvial is my preference in the Ames area.
 

MushroomPinball

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Just odd being right next to Torrent. Not sure how 2 breweries would do that close to each other.
Two breweries close to each other could bring more beer drinkers in general to downtown and then they could both end up benefitting. People could easily hop to each instead of not going out as often since there's only one option. IMO there no such thing as too many local breweries.
 

ARCYCLONE

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Two breweries close to each other could bring more beer drinkers in general to downtown and then they could both end up benefitting. People could easily hop to each instead of not going out as often since there's only one option. IMO there no such thing as too many local breweries.
I've seen this firsthand. In Fayetteville (NW) AR there used to be one brewery for years and it struggled. Now they have several and they've organized together and advertise as a brew tour. Seems to be working well for them. Several more have been added in nearby towns of Rogers and Bentonville. This entire area is heavily populated so that helps, but still doesn't discount that one struggled but now that they have several they seem to be thriving.
 

theshadow

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From today's Inside Iowa State:

[Parking lot] work has been ongoing since February 2023 and is scheduled to be completed by the first day of fall classes (Aug. 26). The exception is lot B5, which is adjacent to the proposed site of a McFarland Clinic healthcare facility. McFarland could begin that construction later this summer, pending approval of its agreement with the university at the state Board of Regents' June meeting.
 

theshadow

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McFarland lease on next week's BOR docket:

The University requests Board approval to enter into a ground lease with McFarland Clinic, P.C. to lease approximately 30,000 square feet of land, located along Jack Trice Way on the south end of the CYTown Development Area, for McFarland Clinic to construct a medical facility.

McFarland will construct a 70,000 to 80,000 square foot, multi-level medical facility, which would offer primary and specialty care, as well as urgent care. The central location within the community provides advantages for ISU students, faculty, staff and the public.

It would be easily accessible for patients both inside and outside Ames. Primarily, the clinic would provide ISU’s student-athletes convenient access to orthopedic services and imaging equipment, as well as complement the ISU Thielen Student Health Center, located on the west side of ISU’s Central Campus, by providing after-hours and weekend services.

Term: 30 years. McFarland Clinic would have the option to extend the ground lease term up to four consecutive times at five years per extension, potentially extending the ground lease another 20 years.

Financial Terms: $50,000 rent per year would be paid by McFarland Clinic to ISU. Rent would increase $5,000 per year until the end of the 30-year term.

A $3 million security deposit would be paid by McFarland Clinic to ISU prior to McFarland Clinic’s start of construction of the new medical facility. McFarland Clinic would be responsible for the construction costs, utility charges and Common Area Maintenance (CAM) fees. Upon completion of construction, ownership of the facility will transfer to the University and be leased back to McFarland.
 

Cyhig

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McFarland lease on next week's BOR docket:

The University requests Board approval to enter into a ground lease with McFarland Clinic, P.C. to lease approximately 30,000 square feet of land, located along Jack Trice Way on the south end of the CYTown Development Area, for McFarland Clinic to construct a medical facility.

McFarland will construct a 70,000 to 80,000 square foot, multi-level medical facility, which would offer primary and specialty care, as well as urgent care. The central location within the community provides advantages for ISU students, faculty, staff and the public.

It would be easily accessible for patients both inside and outside Ames. Primarily, the clinic would provide ISU’s student-athletes convenient access to orthopedic services and imaging equipment, as well as complement the ISU Thielen Student Health Center, located on the west side of ISU’s Central Campus, by providing after-hours and weekend services.

Term: 30 years. McFarland Clinic would have the option to extend the ground lease term up to four consecutive times at five years per extension, potentially extending the ground lease another 20 years.

Financial Terms: $50,000 rent per year would be paid by McFarland Clinic to ISU. Rent would increase $5,000 per year until the end of the 30-year term.

A $3 million security deposit would be paid by McFarland Clinic to ISU prior to McFarland Clinic’s start of construction of the new medical facility. McFarland Clinic would be responsible for the construction costs, utility charges and Common Area Maintenance (CAM) fees. Upon completion of construction, ownership of the facility will transfer to the University and be leased back to McFarland.
The rent amount can't be right. Are we sure it's not supposed to be $50K per month?
 

Cyclonsin

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The rent amount can't be right. Are we sure it's not supposed to be $50K per month?
It's only a ground lease so this feels right for a yearly rate. Plus, with the annual increase it will be all the way up to $200k for the final year.
 
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hiltonisheaven

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It's only a ground lease so this feels right for a yearly rate. Plus, with the annual increase it will be all the way up to $200k for the final year.
And having a long lease term gives the AD a solid rev stream that can be used for budgeting and financing. Just need to do a lot more leases to make a big financial impact.
 

Tailg8er

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It's only a ground lease so this feels right for a yearly rate. Plus, with the annual increase it will be all the way up to $200k for the final year.

Yep, once the building is complete they'll have another lease for that at a much higher rate.
 

BleedCycloneRed

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While the information provided is incomplete, the ground lease only appears to cover the ground upon which the proposed McFarland facility is to be constructed (30,000SF of land for a 80,000SF multi story building). I interpret that to imply that ISU is responsible for the construction of the parking lot and landscaping surrounding the facility, including storm water system and fire hydrants. And likely the maintenance of all thereafter. For a facility of that size and use, I would guess that is a reasonable # of parking stalls and misc improvements. So while those stalls will likely also be used for parking for Jack Trice and Hilton events, $50K sounds like a very reasonable rate for all that it appears ISU might be responsible to install and maintain. Hopefully individuals involved with real estate development have reviewed and signed off on the #'s, as the lease rate on the surface seems pretty aggressive. What is not discussed is how the lease rate for the building is to be determined, given it appears that McFarland is funding the costs in their entirety, then donating to ISU and then leasing back. When all combined together, one would hope it will be a fair and reasonable deal for all parties involved.
 

clonehome

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Two breweries close to each other could bring more beer drinkers in general to downtown and then they could both end up benefitting. People could easily hop to each instead of not going out as often since there's only one option. IMO there no such thing as too many local breweries.
Right. See Lua and Big Grove in Des Moines. Big Grove actually serves Lua beers.

Another example are the DSM area wineries. I love Summerset but it is isolated and seems to be losing steam and Snus might be closed. But if you put 3 or 4 wineries in that area around Summerset it becomes a destination and they all do better.
 
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AuH2O

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Two breweries close to each other could bring more beer drinkers in general to downtown and then they could both end up benefitting. People could easily hop to each instead of not going out as often since there's only one option. IMO there no such thing as too many local breweries.
I hope so. I seem to be in the minority, but I really like Torrent. I like Alluvial as well, but with Torrents large menu I can sample and always find a couple I like.

But it would be awesome to have another to be a draw, and maybe hit both for a beer in a given night.
 
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