INDIANAPOLIS — Indy Eleven has acquired more than 20 acres of land in downtown Indianapolis with the plans to develop the site into the home of Eleven Park and a neighborhood village.
According to Indy Eleven, Keystone Group is working with Indy Eleven to develop the Diamond Chain Company land into a 20,000-seat stadium, hotel, office, apartments, retail and public spaces.
The land is bordered by West Street, Kentucky Avenue and the White River.
The news was first reported by the Indianapolis Business Journal.
“We have been working diligently for the last several years to secure a large area of land downtown for Eleven Park, and with our prime location now secured we are eager to take the next steps for this groundbreaking development,” Ersal Ozdemir, founder and chairman of Keystone Group and Indy Eleven, said. “This village will be a 365-day-a-year live, work, and play community that will transform this section of Indianapolis, providing jobs and significant economic development to downtown Indianapolis and surrounding areas.”
Keystone Group and Indy Eleven are still in discussions with the city of Indianapolis and the state to finalize project terms, according to Indy Eleven. It would allow to existing buildings to be torn down and some site work to begin in spring 2023.
After about two years of construction, the Eleven Park stadium is expected to be open in time for the spring 2025 season.
The stadium would be used for both Indy Eleven's men's and women's soccer teams; host field sports like football, lacrosse and rugby; partner for events with the NCAA and IHSAA; international matches; concerts; and community events.
“This announcement is the culmination of years of hard work and partnership between countless individuals and entities who believed in our vision, and we are beyond excited to share the results of that effort today with our community,” Indy Eleven President & CEO Greg Stremlaw said. “While there is still more work to do, today the Indy Eleven family is thrilled to put a pin on the map and celebrate what Eleven Park will provide the country’s premier city for sports and all Hoosiers who will experience and benefit from this world-class destination.”
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The investment is expected to exceed $1 billion due to the rise in construction costs, inflation and increase in the "scale and scope" of the project," according to Indy Eleven. Sites for retail, restaurants, hotel, apartments and office spaces will be developed by Keystone Group.
In accordance with state legislation passed in 2019, the City of Indianapolis Capital Improvement Board would own the stadium and Indy Eleven would lease and operate it.
The land for the proposed development is considered a "Professional Sports Development Area."
"From a funding perspective, you may recall that enabling legislation was passed. So the venue in the neighborhood village is going to be built on a PSDA. So new taxes that are created through people that live in this in this area, shop in this area eat in this area are capped at up to nine and a half million dollars for 32 years. Those aren't existing taxes, those are taxes we're helping to literally create and that's why it's a win-win situation. And so 80% of that of the stadium will be funded through those repaying those bonds etc. And that 20% commitment will be thrown from our direct ownership which is an obligation through the legislation.
“New taxes that are created through people that live in this area, shop in this area, eat in this area are capped at up to nine and a half million dollars for 32 years. Those aren't existing taxes, those are taxes we're helping to literally create and that's why it's a win-win situation. And so 80% of that of the stadium will be funded through those repaying those bonds, etc. and that 20% commitment will come from our direct ownership, which is an obligation through the legislation," Indy Eleven CEO and President Greg Stremlaw said.
Indy Eleven said it plans to meet with fans and community members to discuss specific design elements of the planned village.
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