(Radio Iowa) – Iowa State University has received approval to move ahead with leases in the new commercial development known as CyTown north of Jack Trice Stadium. Board of Regents attorney Amy Claeys (Clayz) says it includes leases for six components. “This includes the food and beverage anchor, two office and retail buildings, two side CyTown suite buildings, the amphitheater, and the common amenity area. The hotel is still undergoing the design phase and will be brought to the board at a future meeting,” Claeys says. She says each of the buildings are financed with a combination of university land, financial contributions and debt financing secured by the developer Goldenrod.

“The CyTown development is projected to generate 184-million dollars in net revenue to the university over the next 30 years,” she says. Regent Robert Cramer is on the committee that reviewed the proposals. “We’re pleased with the results of what they’re projecting. And again the projections, we feel that they’re conservative projections, we feel good about it,” Cramer says. Regent Nancy Dunkel is also on the review committee. “We have had a chance to thoroughly vet these numbers. I feel they’re as good as a budget projection as you can get,” Dunkel says. “I did have a lot of questions in the beginning of this and that’s probably how how I got on this committee to begin with. But I’d have to say it’s a very open process and I feel really good about what’s going to happen in Iowa State with this CyTown project.”

Cramer says Goldenrod really has a lot of risk as they are going to go out and find tenants to fill the spaces.