Photo: Iowa State University
(Undated) -- Plans are moving ahead for the CYTown entertainment district, north of Jack Trice Stadium in Ames. The Iowa Board of Regents has approved 28.5 (m) million dollars toward the 200-(M) million dollar project. The project will include retail and office space, restaurants, brew pubs, luxury suites, and an outdoor public plaza and concert space.
The project is located in an area known to tailgating Cyclone fans as "Tent Row." The ISU Athletics Department is working to relocate the tents to another area near the stadium.
The project is to occur in phases, with the first phase including a parking lot and infrastructure improvements in 2023.
The ISU Athletics Department says it's expected that 75% of the funds needed for the $200 million project will come from land monetization opportunities with the balance coming from the leasing of 20 CYTown Suites and fundraising.
Funding for the parking lot improvements and infrastructure (slated to begin in 2023 will come from university and athletics funds, which will be repaid, over time, by project revenues.