$550 Million Eleven Park: Developer unveils soccer stadium proposal

Stadium proposal
Eleven Park Video Courtesy
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INDIANAPOLIS - Indy Eleven's owner has proposed a new stadium development that would also include office space, retail shops, apartments and a boutique hotel.

“This is more than a stadium,” Ersal Ozdemir said in a statement. “It is the opportunity to create a vibrant community that will attract individuals and families from near and far to live, work and play.”

Keystone Group, a development company where Ozdemir serves as CEO, unveiled Eleven Park Thursday, which would be anchored by a 20,000 seat multi-purpose soccer stadium. Plans also include approximately 150,000 square feet of office space, 100,000 square feet of retail, 600 apartment units and a 200-room boutique hotel. The current scope of the Eleven Park project includes approximately $400 million in private investment and approximately $150 million related to the stadium, public plazas, and infrastructure that would be financed through a public private partnership with no appropriations from city or state governments.

"We believe that the Eleven Park development will improve quality of place in Indianapolis by creating an entirely new neighborhood that will help attract and retain quality workers and families," Ozdemir added.

Indy Eleven played their debut season in front of sold-out crowds at IUPUI's Carroll stadium, which was expanded to 10,500 seats. Last year, they announced they were moving to Lucas Oil Stadium. Their first game there drew a crowd of 17,000. They proposed a different stadium of their own back in 2015, but it relied on help from the Statehouse which lawmakers denied and the plans were scrapped.

This time around, Keystone Group still plans to work with state legislators but their endgame is different.

“Eleven Park is not asking for a penny in appropriations from the city or state governments and instead we would work to create this stadium as a community asset using a public-private partnership," Ozdemir said.

They want to privately develop and finance the office, retail, apartment and boutique hotel portions of the project. They're asking the city of Indianapolis and Capital Improvement Board to let them then use taxes generated on the property to help finance the stadium and public areas, which would then be owned by the CIB and financed by the City of Indianapolis by developer-backed bonds. Indy Eleven would lease the stadium and pay all operating expenses as well as any cost overruns.

No word yet where in the city this development would be built.

This artist's rendering provided by developer Keystone Group shows the new proposed Eleven Park, a 20,000-seat multi-use soccer stadium and real estate development.
This artist's rendering provided by developer Keystone Group shows the new proposed Eleven Park, a 20,000-seat multi-use soccer stadium and real estate development.
This artist's rendering provided by developer Keystone Group shows the new proposed Eleven Park, a 20,000-seat multi-use soccer stadium and real estate development.
This artist's rendering provided by developer Keystone Group shows the new proposed Eleven Park, a 20,000-seat multi-use soccer stadium and real estate development.
This artist's rendering provided by developer Keystone Group shows the new proposed Eleven Park, a 20,000-seat multi-use soccer stadium and real estate development.