Keystone Group, Indy Eleven to Break Ground on $1 Billion Mixed-Use Project in Downtown Indianapolis

by Hayden Spiess

Indianapolis — Keystone Group and the Indy Eleven professional soccer club have announced plans to break ground this May on Eleven Park, a mixed-use development in Indianapolis.

Anchored by a 20,000-seat multipurpose stadium that will host Indy Eleven’s home games, the project will transform the southwest quadrant of downtown Indianapolis. The Indianapolis Star reports the project has a price tag of $1 billion.

In addition to the stadium, Eleven Park will feature 600 apartment units; 205,000 square feet of office space; nearly 200,000 square feet of shops and restaurants; a hotel; public plazas with green space housing a dog park, water features and kid’s play areas; and public parking garages.

The co-developers also plan for the project to have an indoor, 4,000-seat music and entertainment venue, rooftop bars, walkways along the White River and direct access to The Cultural Trail, an urban trail spanning eight miles.

“Eleven Park will not only change the skyline of Indianapolis, but will add over 1,000 jobs, have a huge economic impact, create quality-of-life benefits and attract talent and opportunities to our city and state,” says Ersal Ozdemir, chairman and founder of Keystone Group. Ozdemir also owns the Indy Eleven franchise.

“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 adds.

Keystone and Indy Eleven announced the project last summer and hired architectural firm Populous to design the stadium.

“A world-class stadium is designed as a true destination, a reflection of its community and a catalyst for growth in the area. This is our mission with the new stadium for Indy Eleven,” says Phil Kolbo, a principal at Populous.

The co-developers have tapped AECOM Hunt as the construction manager for the project. The company’s other arena projects include Lucas Oil Stadium in Indianapolis, SoFi Stadium in Los Angeles, Little Caesars Arena in Detroit and Mercedes-Benz Stadium in Atlanta.

The stadium at Eleven Park is set for delivery by summer 2025. The construction timeline for the development’s other uses was not disclosed.

Indy Eleven was founded in 2013 and moved to the United Soccer League (USL) in 2018. Last year, the club launched a women’s team that competes in the USL W League. In addition to the two professional clubs, the team also has a youth development program.

Indianapolis-based Keystone Group specializes in mixed-use developments, with several completed properties around the city.

John Nelson

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