Massive Project to Include Soccer Stadium in Indy

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(rendering courtesy of Keystone Group) (rendering courtesy of Keystone Group)

An Indianapolis-based real estate development, construction and investment firm has unveiled plans for a massive mixed-use development project that would include a 20,000-seat soccer stadium. Keystone Group says the $550 million Eleven Park would serve as the home for the Indy Eleven soccer team and feature 150,000 square feet of office space, 100,000 square feet of retail space, 600 apartment units and a 200-room boutique hotel.

Ersal Ozdemir, chief executive officer of Keystone Group and owner of the Indy Eleven, says the project is more than just a stadium.

"It is the opportunity to create a vibrant community that will attract individuals and families from near and far to live, work and play," 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."

An Eleven Park spokesperson tells Inside INdiana Business the project would include $400 million in private investment, which would fund the development of the office, retail, residential and hotel portions of the project. Approximately $150 million would cover the stadium, public plazas and infrastructure and would be financed through a public-private partnership.

The developers say the taxes generated from the privately-developed portion of the project would be used to help finance the stadium and public areas, which would be owned by the Indianapolis Capital Improvement Board and financed by the city using developer-backed bonds. The Indy Eleven is proposing to lease the stadium and pay all operating expenses and any cost overruns, which Keystone Group says creates "no risk or exposure for the taxpayer."

A specific location for the project has not yet been announced.

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