Do you currently live north of the Arctic Circle?
Cytown Update
- Thread starter norsemen
- Start date
Nothing in that area would be low cost. Even if they started low cost someone would just buy one and resell it for a lot more to a booster or someone who wants it for basketball and football gameday
Also, have you seen how Ames residents and students treat their low-cost housing?
Can we go back to Pollards tweet for a moment? So the building valuation will be worth 500M in 30 years. The average home price rose 200% over the last 30 years. Are we supposed to be surprised that a 200M district will be worth 500M? I don’t know squat about commercial real estate but if anything that figure seems low. I guess I’m not really understanding the point of including that in his tweet.
Maybe everybody already knew this, but ISU Athletics nets $1 million per stadium concert.
How mixed-use stadium districts — for work, play and football — became college sports’ latest craze
As schools look under every rock for money in the revenue-sharing era, trying to generate money from the area around the stadium is a trend.www.nytimes.com
This was interesting, and I completely understand the challenge of trying to give fans what they want while also having reliable renters that are earning revenue when school isn't in session. As someone who lives out of state, bars and restaurants are what would get me to more games. The hotel by Hilton alone would probably get me to multiple basketball games a season. I know plenty of people in Kansas City, and the weather there in March is much better than it is in Ames in November, but having Power & Light as a pre and post game meeting spot—even if I eventually go somewhere else—is a big reason I go to the Big 12 tournament most years
It doesn't really surprise me that The Battery is so highly regarded, as, first and foremost, there are 81 days every year people are already in the area. With about half that number of games among football, MBB, and WBB, colleges will have to decide—or try to balance—if they want to maximize revenue from engaged fans on and around gamedays, or focus on having acceptable options for people who either aren't interested in sports or just prefer to visit CyTown when there aren't crowds
Seems like a no brainer. When the Starbucks went in on Lincoln and Lynn my first thought was "a lot of parents are going to see their kids credit card bills explode"
Iowa would be guaranteed to make money, as they wouldn't pay their contractors so get the build out cheap.
boxed in or whoop de whoop?I have some dirt roads here in Western Iowa that you can handle.
It's actually from Yogi Berra, an old baseball player known for saying things like that.
Our county got rid of all the loess hills "boxed in" dirt roads. I know they were dangerous. I know they were a ***** to maintain and i know they eroded like hell, but I miss them. They took you back in time, were good for wildlife, and a haven for birds.
How did they "get rid of" them?
Most areas I have seen they are level B anyway, so there is little to no maintenance at that point. Hell, I know of some Level B roads that you would have a hard time telling there was ever a road there, but they are still considered "roads"
Only way I know they ever get rid of any roads if they completely abandon them and give them back to the landowners adjacent, but that doesnt happen a lot as far as I know.
You are correct, it is low.
I think the meaning behind the statement is that they have made a safe, stable investment. The value of that parking lot in its previous condition was worth nothing in 1970 and it was worth nothing in 2022. In fact, it had become a liabilty from a deferred maintenance perspective. They took a prospective liability and are trying to turn it into something of more value.
How many universities have turned real estate in the middle of their campus into income producing property that all of the buildings will be on ground leases?
To be worth $500 million in 30 years, the ground lease income must be approximately $30 million dollars per year. With an estimated capitalization rate of 6% equals $500 million in real estate value. Sounds achievable, but will ultimately be driven by the annual ground lease income and the prevailing Cap rate.
Imo, if we are not a member of a major conference in 30 years, the valuation will not be near that number.
It shows that the CyTown concept is really good as so many others are catching on to it. And I wish that we would be the first done for lots of reasons, particularly so that we get the financial benefits soon, as well as national attention for being the first done. I don't like that others may finish first and steal the limelight.
How many other schools have the space to build something like Cy-Town right next to their football stadium and basketball arena without demolishing substantial existing structure? Can't be many.
As they say "deals like this take on a life of their own." Can't happen fast enough. It gets complicated dealing with a fairly complex joint venture document, government and ground leases.
