The 20,000 seat multipurpose stadium will be the focal point of Eleven Park, which will include offices, shops, apartments and a boutique hotel, developer Keystone Group announced.
“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.”
Ozdemir hopes that the 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,” he said. “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 news, 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 has proposed to privately develop and finance the office, retail, apartment and boutique hotel portions of the project. Under the terms of the proposal, taxes that are generated on the property as a result of the private development will be utilized to help finance the stadium, and public areas will be owned by the Capital Improvement Board and financed by the City of Indianapolis by developer backed bonds. Indy Eleven is proposing to 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.