Iowa State University has selected Goldenrod Companies to lead the design, development, financing and construction of the school's unique pro-style $200 million CYTown multi-use entertainment district, which will be centered around Jack Trice Stadium and Hilton Coliseum.
CYTown will be located on 40 acres between the Iowa State Center and Jack Trice Stadium and will feature a branch of the McFarland Clinic, retail and office space, luxury apartments and a restaurant/brew pub.
ISU director of athletics Jamie Pollard said the development interest affirmed the project's viability.
"In the end, Goldenrod's expertise and demonstrated success in the development of mixed-use districts, coupled with their financial capacity and higher education experience, made them the ideal partner to turn CYTown's vision into a reality," Pollard said in a press release from Iowa State University Athletics.
"Our goal is to create a vibrant, innovative, and financially feasible multi-use district that, in turn, will generate the necessary resources to reinvest in the Iowa State Center," Pollard added. "CYTown's unique location will help attract more visitors to Iowa State University and the Ames community, spur economic growth for central Iowa and offer new amenities to students, staff, visitors and residents to enjoy year-round."
Iowa State will enter into an initial agreement that provides Goldenrod an exclusive period to perform the necessary research, complete studies and develop a financial model. When that process is completed, it is expected Iowa State and Goldenrod would enter into a long-term, land-use development agreement, pending final approval from the Iowa Board of Regents.
"We are grateful to the regents for supporting our recommendation to partner with Goldenrod," said president Wendy Wintersteen. "We look forward to working with Goldenrod to develop an innovative and vibrant mixed-use district that will enhance Ames' reputation as an outstanding community to live and work in.
"This has been a thoughtful and deliberate process, and I look forward to the momentum continuing to grow as we enter this exciting phase with Goldenrod coming alongside Iowa State as our partner in this project," she added.
Goldenrod has served as the master developer for the University of Nebraska's 2.2 million-square-foot Innovation Campus, Colorado State University's South and Foothills campuses and developed many projects within Omaha's Aksarben Village neighborhood. Goldenrod's current mixed-use projects include The Henry development adjacent to The Battery in Atlanta, Georgia, as well as the One University and Van Zandt developments in Fort Worth, Texas.
The university unveiled its vision for CYTown in September 2022. The first phase, nearly $40 million in parking and infrastructure improvements, will wrap up this fall. Last fall, the university announced McFarland Clinic would be the development's first tenant with a facility expected to be completed by fall 2026. CYTown will provide an opportunity for a variety of uses, including retail, food and beverage, entertainment, medical, hospitality, office and residential. One day it will encompass more than 400,000 square feet of building area to serve event guests and university commuters who use the parking lots.
