Indianapolis-based Keystone Group has proposed building a $550 million mixed-use development, including a 20,000-seat soccer stadium.
The real estate development, construction and investment firm says Eleven Park would serve as the home for the Indy Eleven soccer team and include 150,000 sq. ft. of office space, 100,000 sq. ft. of retail space, 600 apartment units and a 200-room boutique hotel.
The project 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 CEO Ersal Ozdemir said in a news release. “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.”
“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,” he said.
The planned project would include $400 million of private investment, funding the project’s office, retail, residential and hotel components. A public-private partnership would fund the $150 million costs for the stadium, public plazas and infrastructure.
The developers believe that taxes generated from the project’s privately developed portion would help finance the stadium and public areas, to be owned by the Indianapolis Capital Improvement Board and financed by the city using developer-backed bonds.
The Indy Eleven would lease the stadium and pay all operating expenses and any cost overruns.
The developers haven’t announced where the stadium/complex would be located, but say they would like it to be completed in time for the 2022 season opener.