Cytown Update

[ZJohnson]

So did WestO Milford run out of beer when Ragbrai came through? Read on CF they either ran out or were out of Ames Lager.

Also thank you to WestO for supporting ISU athletics and letting some of smaller supporters of ISU donate through a secondary way.

I honestly don't know. I am on vacation this week but I highly doubt it. I'm sure they ran out of cans but doubtful they ran out of draft. Granted we just sent a huge shipment down to DSM on Friday to get ready for football season and the State Fair.

 

[Cycsk]

The difference is the bigger cities have young professionals working downtown that want to be around the nightlife. And, they have a bunch of disposable income because they don’t have kids. Ames doesn’t really have a ton of young professionals like that. There aren’t enough businesses to support those salaries.

I know young professionals who would like to stay and work here, but there is not enough good housing downtown.

 

[drmwevr08]

I know young professionals who would like to stay and work here, but there is not enough good housing downtown.

Too small a town overall, exacerbated by the split of campus town and downtown. This project will worsen that issue, although still could be an overall positive.

 

[StPaulCyclone]

Too small a town overall, exacerbated by the split of campus town and downtown. This project will worsen that issue, although still could be an overall positive.

Or, hopefully it “bridges” campus town and downtown.

 

[Havs]

I know young professionals who would like to stay and work here, but there is not enough good housing downtown.

this

 

[8thfloor]

Or, hopefully it “bridges” campus town and downtown.

Someone photoshop the stadium bridge from downtown to cytown to campustown!

 

[Nor'MidWester]

I don't think I'd enjoy living in Cytown and I don't think the objective is to be a real mixed use development that you'd see in a town like Ankeny or West Des Moines. Living in the middle of a sea of parking lot and being disrupted by activities many weekends of the year sounds kinda annoying.

But I imagine the lofts they are selling are more for rich donors to have a home base in Ames for games and events, not to really live in 365 days a year. The whole point is to be an incentive for donating to the AD so I don't think they'll be priced at market value, unless they can't sell them out. It's sort of like a Disneyland for ISU fans with bars and event spaces and fancy lofts for big donors. I'm not upset about it I just think it's different than most people think.

I do wish campus town and downtown had more housing and catered to the young professional more. The Link or whatever it's called they're trying to build in downtown will hopefully fill some of that need. I think downtown Ames/the neighborhood to the north of it would be the ideal spot if I were living in Ames as a young professional. Bars and restaurants in a real downtown environment with amenities you'd actually use as opposed to Cytown which is more solely focused on entertainment, I know the medical center is there but I mean grocery stores and shops.

Hopefully Cytown and other developments around Ames are successful, rising tide lifts all boats. More young people in Ames spending money the better.

 

[jcisuclones]

CyTown Suites designed to attract donors, corporations as a 'place to land' while doing business in Ames - Business Record

CyTown Suites, the next planned construction project in the CyTown development in Ames, will enhance the business community’s ability to showcase what the region has to offer, officials behind the project said. Construction on the high-end suites is expected to begin next spring in the space...

www.businessrecord.com

 

[cyfan92]

Great article on CyTown. "Construction on the high-end suites is expected to begin next spring in the space between Jack Trice Stadium and Hilton Coliseum as the mixed-use district continues to take shape."

Bummed it won't start at the end of the season, but encouraging they'll go on record for a Spring start. "CyTown Suites is scheduled to open in fall 2027. Much of the CyTown development is scheduled to be complete in 2027; a planned hotel isn’t slated for completion until 2028."

 

[cyfan92]

 

[Nor'MidWester]

Hopefully they're using some high quality looking exterior material. Too many new buildings these days are plastic cheap floating block looking stuff. Looks good so far.

 

[Nor'MidWester]

It's too bad Hilton is lined up with Jack Trice. That'd be a badass looking avenue with Hilton looming in the horizon.

 

[theshadow]

Bummed it won't start at the end of the season, but encouraging they'll go on record for a Spring start. "CyTown Suites is scheduled to open in fall 2027. Much of the CyTown development is scheduled to be complete in 2027; a planned hotel isn’t slated for completion until 2028."

Jamie said several months ago that 2026 would be a heavy construction year, with the majority of the district up and running by Fall '27. Sounds like that timeline is still in place.

 

[cytor]

View attachment 158376

Funny how the Alumni building is now bright white.

 

[Messi]

im not their target audience, i get that, but this seems like... alot for 1300 sq ft




He said ISU is looking for a 10-year agreement for CyTown Suites, with a $50,000 payment to the university and then a $450,000 gift.

“Essentially, it’s a $500,000 commitment up front and an ongoing operations and maintenance fee,” he said. “That’s going to be about $25,000 to $30,000 a year, so roughly $80,000 a year is the commitment between the philanthropic component and then the operations and maintenance fee.”

 

[bluestarcyclone]

im not their target audience, i get that, but this seems like... alot for 1300 sq ft




He said ISU is looking for a 10-year agreement for CyTown Suites, with a $50,000 payment to the university and then a $450,000 gift.

“Essentially, it’s a $500,000 commitment up front and an ongoing operations and maintenance fee,” he said. “That’s going to be about $25,000 to $30,000 a year, so roughly $80,000 a year is the commitment between the philanthropic component and then the operations and maintenance fee.”

And that's just the simple math of adding 30k x 10 plus the 500k, but really when we're talking what is essentially an apartment since you retain no equity, you should probably be looking at the value of that 500k as it could otherwise be sitting somewhere gaining money. You're probably looking at more like the equivalent of 100k\year.

 

[Kinch]

And that's just the simple math of adding 30k x 10 plus the 500k, but really when we're talking what is essentially an apartment since you retain no equity, you should probably be looking at the value of that 500k as it could otherwise be sitting somewhere gaining money. You're probably looking at more like the equivalent of 100k\year.

Is that taking into account the value of a tax deduction on the $450k or do you get one?

 

[crs8975]

Let's be honest, those suites are not being marketed to about 99.99% of CF users.

 

[Tailg8er]

Is that taking into account the value of a tax deduction on the $450k or do you get one?

Depends how creative your accountant is, Curt can make it happen.

 

[Messi]

Let's be honest, those suites are not being marketed to about 99.99% of CF users.

No doubt but are their 60 donors / corporations out there shelling out $500k for apartment rentals?