What I've always thought we be great for the block between Lincoln Way and Chamberlain and Welch and Hayward is if the University purchased the entire block.
On the south half of the block have a large building designed like Friley or a large Dutch urban apartment building. Inside the building would be: Admissions, University Records, Career Centers for each college, Student Health Center, other offices from Beardshear. The north half of the block would be a large plaza with a central fountain or statue.
In addition, maybe turn the Friley turret into a giant cuckoo clock facing the plaza. The Methodist Church stained glass window would be to the west of the plaza. To the east would be the four story Kingland commercial building. The plaza would have a very European feel to it and would become a center piece of the Iowa State Campus. The parking garage on Hayward would be an easy place for perspective student families to park and cross the street to the Admissions office. College recruiters would have an easy place to park.
The current student health building would be given to the College of Engineering. Beardshear Hall could be converted to a general service classroom building. This would help keep more students close to the center of campus for entry level classes. And the Current Admissions (Old Alumni Hall) building could be used for the President's office. (Wasn't sure where to post this so I posted in both Downtown Ames and Cy-town threads).