Urban Indiana

Keystone holds groundbreaking ceremony for $1B Eleven Park development

Keystone Group on Wednesday hosted a groundbreaking ceremony for Eleven Park, a $1 billion development that's set to include a 20,000-seat stadium, office space, apartments, retail, parking and public spaces on the southwest side of downtown Indianapolis.

The project is set to occupy the 20-acre Diamond Chain manufacturing site along Kentucky Avenue, just blocks from Lucas Oil Stadium, with some portions—including the stadium—expected to be completed in mid-2025. Demolition on the Diamond Chain facilities has not yet started.

The ceremonial groundbreaking marks a milestone for Keystone and Indy Eleven owner Ersal Ozdemir, who has sought to build the team its own stadium since 2015. At that time, a project was proposed for the General Motors stamping plant site across the White River, where Elanco Animal Health is now building its headquarters.

Wednesday's ceremony was attended by state and local officials including Indiana Gov. Eric Holcomb, Indianapolis Mayor Joe Hogsett, City-County Council members Vop Osili and Kristin Jones, Attorney General Todd Rokita, Secretary of State Diego Morales and several state legislators.

More below:
https://www.ibj.com/articles/keystone-breaks-ground-on-1b-eleven-park-development

That looks awesome! 

Indy Eleven stadium builds momentum

Indy Eleven's proposed 20,000-seat soccer stadium is moving ahead.

Driving the news: The city's Metropolitan Development Commission next week will consider creating a special district, called a professional sports development area, which would help pay for Keystone Group's Indy Eleven-anchored mixed-use project along the White River.

Why it matters: Indianapolis is approaching a July 1 deadline to create the new district, as stipulated in a 2019 law (amended in 2021) that made the soccer stadium project possible.

How it works: The professional sports development area will encapsulate property in and around the former Diamond Chain Co. property at 402 Kentucky Ave., including all future development as well as some existing hotels, restaurants and parking lots.

More below:
https://www.axios.com/local/indianapolis/2023/10/27/eleven-park-keystone-group-eleven-stadium

Indy council approves downtown sports taxing district

The Indianapolis City-County Council on Monday gave the green light to the city's plan to create a new taxing district for the Eleven Park development downtown along the White River.

The 23-1 vote allows for the city to proceed with establishing a professional sports development area, or PSDA, to partially pay for a 20,000-seat soccer stadium for Indy Eleven. Independent councilor Ethan Evans voted against the measure.

The council also voted to authorize up to $26 million in principal bonds to acquire the new Broad Ripple Park Family Center over the protests of several neighborhood groups. It also approved tens of millions of dollars in bonds to support the redevelopment of Old City Hall, a demolition of the former Jail I building and renovation of portions of the City-County Building.

Also approved Monday was a plan to create a study commission on the legislative body's use of artificial intelligence.

More below:
https://www.insideindianabusiness.com/articles/indy-council-approves-downtown-sports-taxing-district