Yahoo Autos Eleven Park developers give a first look at their $1B plan ahead of May groundbreaking
The development headlined by a new Indy Eleven soccer stadium will cost more than $1 billion and span more than 20 acres on the southwest side of downtown Indianapolis, according to a news release from Keystone Group and the Indy Eleven.
Groundbreaking for the project, called Eleven Park, is planned for May. The development firm first announced the site selection in June. The property is bordered by West Street, Kentucky Avenue and the White River.
The release said that the stadium will open by summer 2025.
More:Indy Eleven announces big development for downtown
Ersal Ozdemir, founder of both Keystone Group and Indy Eleven, said in the release Eleven Park would add more than 1,000 jobs, in addition to housing, retail and amenities.
"Our goal for Eleven Park is to continue the city’s tradition of using sports as a business driver for Indiana by increasing Indianapolis’ profile as a global city and showcasing the world’s most popular sport,” he said.
Replacing Diamond Chain: What will Eleven Park include?
It's not just about a new stadium for Indy Eleven, the men's soccer team in Indianapolis.
The development will include a 20,000-seat stadium, more than 600 apartments, 205,000 square feet of office space, nearly 200,000 square feet for retail and restaurants, a hotel and parking garages.
Eleven Park also will have an indoor 4,000-seat music and entertainment venue and an outdoor stage; as well as play spaces for kids and a dog park.
The property was formerly occupied by industrial equipment supplier Diamond Chain, which plans to vacate the space by the end of April.
The project's designer is Kansas City-based Populous, and Indianapolis-based AECOM Hunt is the construction manager.
“The stadium will anchor Eleven Park, providing a home for Indy Eleven that creates new and tailored experiences for Indianapolis fans in a venue designed with the innovation and aspirations of a great global soccer venue,” Phil Kolbo, principal at Populous, said in the release.
The public cost is unclear.
The City-County Council will have to approve plans for the stadium. Financing for the project, which is a public-private partnership, has not yet been announced, though the release said rezoning was filed Thursday.
In 2019, the Indiana General Assembly approved legislation that provides a framework. According to that legislation, said taxes from a special tax district collected from the Eleven Park development would pay back 80% of the cost of the stadium, while Indy Eleven would be on hook to pay the remaining 20% of the cost and cover any shortfalls.
IndyStar reporter Sarah Nelson contributed to this report.
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This article originally appeared on Indianapolis Star: Eleven Park developers give a first look at their $1B plan
