Eleven Park: A Transformational Neighborhood Development
Keystone Group, an Indianapolis-based real estate development, construction and investment company unveiled Eleven Park, a transformational neighborhood development expected to include an office building, retail shoppes, apartments, a boutique hotel – all anchored by a 20,000 seat multi-purpose soccer stadium with the Indy Eleven professional soccer team as the primary tenant.
“This is more than a stadium,” said Ersal Ozdemir, CEO of Keystone Group and owner of Indy Eleven. “It is the opportunity to create a vibrant community that will attract individuals and families from near and far to live, work and play.”
In addition to the multi-purpose soccer stadium, the project scope today includes approximately 150,000 square feet of office space, 100,000 square feet of retail, 600 apartment units, and a 200-room boutique hotel.
“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.
The multi-purpose stadium will usher in a new era for soccer in Indiana.
“Soccer is the globe’s most popular sport and the world’s game needs a permanent home in our state,” said Ozdemir. “By paving the way for a world-class soccer facility as part of this transformational development, Indiana can fully capture a once-in-a-generation opportunity to secure the future of soccer in its capital city.”
In conjunction with the Eleven Park announcement, plans were announced to work with state legislators to provide a mechanism for the development group, the City of Indianapolis, and the Capital Improvement Board (CIB) to work together to help finance the stadium, as part of the development.
“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.”
Eleven Park has proposed to privately develop and finance the office, retail, apartment and boutique hotel portions of the project. Taxes that are generated on the property as a result of the private development are proposed to be utilized to help finance the stadium and public areas which are proposed to be owned by the Capital Improvement Board and financed by the City of Indianapolis by developer backed bonds. Indy Eleven is proposing the lease the stadium and pay all operating expenses as well as any cost overruns, creating no risk or exposure for the taxpayer.
The location of the development will be announced at a later date.