Hunter
10/30/24
The University of Iowa is proposing to become sole owner of the Old Capitol Town Center.
The Gazette reports the acquisition price at $20.6 million.
The University currently has majority ownership in the building and mostly uses the second floor for administrative offices. The Office of Student Financial Aid is also located on the 2nd floor.
The 375,000 square foot building was originally a downtown mall anchored by Younkers and JC Penney when it first opened in 1981. The first floor currently houses Chipotle, Buffalo Wild Wings, a coffee shop and a CVS Pharmacy. A UI spokesman told the Gazette that the leases will be honored when ownership changes.
Senior Vice President for Finance and Operations Rod Lehnertz said in a statement that the purchase “makes strategic sense for the university.”
Plans to purchase the remaining portion of the Old Capitol Center were part of the 10-year facilities master plan presented to the State Board of Regents in 2022. A proposal for the purchase will be presented to the Board next week for approval.