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INDIANAPOLIS— The Indy Eleven soccer team has always wanted to have a home of its own. Now they are one step closer to getting that.

On Friday morning, the team and property development company Keystone Group announced they have acquired 20 acres of land in downtown Indianapolis that will serve as the future home of Eleven Park. Ersal Ozdemir is the Founder and Chairman of Keystone Group as well as Indy Eleven.

It will be built on a plot of land previously owned by The Diamond Chain Company, bordered by West Street, Kentucky Avenue, and the White River.

Indy Eleven CEO Greg Stremlaw says it will be so much more than just a stadium.

“The vision has always been to create a neighborhood village feel and mixed use development. The last several years have been spent to get the premium site that works for this entire vision,” said Stremlaw.

When complete, Eleven Park will offer a hotel, office space, restaurants, apartments, and public spaces. The park will be anchored by a 20,000-seat stadium that can host soccer, lacrosse, football, rugby, and field hockey in addition to concerts and community events.

“We believe it is the literally best place to invest knowing it will have a transformational impact to downtown,” said Stremlaw.

The amount invested in the project is expected to be more than $1 billion. That number has gone up, in part, because of inflation. All facets outside the stadium project will be developed by Keystone Group. The City of Indianapolis Capital Improvement Board would own the stadium, while Indy Eleven would lease and operate the venue.

Indy Eleven and Keystone Group are still in discussions with the city and the state to finalize the terms of the project, which would allow building demolition and other work to begin next spring.

Stremlaw says the expectation is for the teams to begin play at Eleven Park in the spring of 2025.

The Eleven currently play their matches at Carroll Stadium on the campus of IUPUI.

LISTEN: Full Interview with Greg Stremlaw