If the Varsity Theatre, 2412 Lincoln Way, is to be repurposed into a student life center, the Campustown Student Association will need to build partnerships, drum up support and raise an estimated $700,000 to fund the project.

Association leaders said they will hit the ground hard in coming weeks and will present their vision to city, university and community leaders.

“It needs to be a partnership,” said Tom Danielson, GSB finance director and senior in civil engineering. “The facility will run better if you have partnership from all these different entities involved.”

According to the initial conceptual plans for the project, the two movie theaters in the building could be utilized for a variety of events, such as Student Union Board films, the Inter-Residence Hall Association’s Free Friday Flicks program and events held by the Committee on Lectures or the Ames Public Library.

But the group’s vision is for the space to be primarily student-run, said Ian Ringgenberg, member of the Campustown Student Association and graduate student in educational leadership and policy studies.

“The Barista Cafe in Buchanan is a great example of how student leadership can lead to thriving elements of the university,” Ringgenberg said.

In addition, a student-managed theater would offer opportunities for practical experience in event programming.

“South Carolina and Florida State both have theater programming as part of their student activities,” Danielson said.

According to initial plans, the building’s large theater, which has a capacity of approximately 450, would be restored to its original purpose.

The smaller theater, which can house approximately 300, could be transformed into a lounge area or multi-purpose room.

The two theaters were stripped of seats and equipment when Cinemark vacated the space in January. The approximate cost to renovate them to working order, according to the plan, would be $200,000.

Initial talks concerning a possible lease or purchase of the building and land have also begun.

Campustown Student Association representatives and Lynn Lloyd, property manager for the Varsity Theatre, both said they see advantages in an outright purchase.

In the long run, a purchase could save money. The yearly property tax on the theater is approximately $20,000, according to figures from the Ames Assessor’s Office. Over a 25-year lease, the taxes alone would equal the estimated $500,000 purchase price for the property. Since the university is exempt from taxes on property it owns, an outright buy would save the theater from this expense.

Also, a purchase would give the university the security to invest in the property with the knowledge that it is investing in something it owns, rather than investing in a leased space, Lloyd said.

However, Lloyd said that her 91-year-old father retains ownership of the building and that he would have final say over whether the family would be willing to sell property it has owned for three generations.

But since the only other parties who have expressed interest in the building have wanted to turn it into a bar or a venue for cage fighting matches, Lloyd said that her preference would be to sell the property to the university for a purpose that could help bring students and positive change to the area.

“We’re looking at all these properties and how [our other businesses] would be benefitted from it,” Lloyd said.

After receiving initial interest from the property manager, Ringgenberg and Danielson presented their proposal to GSB on Wednesday. But more research on the project needs to be done before GSB is ready to commit, several senators said.

Elisa Berzins, GSB director of human resources and development and senior in marketing, said that if student fee money is used in the project, students should be consulted about it, and research needs to show that the theater would be a wise use of their money.

“I think there needs to be a lot of background research that goes into this,” Berzins said.

Ringgenberg said the group plans to hold an open forum to gather student input, and that it is currently seeking quotes from vendors and working to project yearly costs and revenues for operating the theater.

Several senators voiced support for the plan should financial projections seem favorable.

“We could foreseeably program it every night with things that students would want to go to,” said Anthony Maly, liberal arts and sciences senator and junior in political science. “SUB Films are always packed here. They’re always at capacity whenever I’ve seen them.”

Cost breakdown

The total cost of the project is roughly estimated to be $700,000, although items have not yet been specifically quoted by vendors.

Here’s an estimate of how the purchase would break down:

Land and building purchase: $500,000

Seating: $60,000

Renovation costs: $50,000

Sound system: $20,000

Projector: $10,000

Screen: $5,000

Flooring: $5,000

Office furnishings: $1,000

Soda fountain: Paid for by PepsiCo