The status
Eleven Park broke ground on 31 May 2023. The land at the former Diamond Chain Company site is in event parking, and no stadium start date sits on the record.
Wikipedia records that construction of the stadium is in doubt as of January 2026. The City of Indianapolis withdrew its financial support. IBJ reported on 22 July 2026 that the project is halted and that the private developer uses the site for event parking.
The property record carries a groundbreaking date and no opening date.
What the record holds
The Capital Improvement Board of Managers of Marion County is recorded as owner and operator. Recorded capacity is 20,000, the address is 402 Kentucky Avenue and the opening is listed as 2026, planned. Wikipedia puts the full cost of the development along the White River above $1 billion.
Governor Eric Holcomb and Mayor Joe Hogsett spoke at the ceremonial groundbreaking. Demolition began immediately. A USL Championship article published on 12 April 2024 moved completion to 2026. The project had carried a spring 2025 date.
Two hotel programmes, seven years apart
In January 2019 the club announced a 20,000-seat stadium as the centrepiece of a $550 million mixed-use development. That plan listed 600 apartments, more than 100,000 square feet of retail space, 150,000 square feet of office space and a 200-room hotel.
Building Excellence reported the later programme in September 2023. That account put the district at more than 600 apartments, 205,000 square feet of office space, over 197,000 square feet of retail and restaurants, a 300-key full-service hotel, a 150-key boutique hotel and multiple public parking garages. The two hotel counts total 450 keys.
The developer's own project page lists hotels in the programme. It publishes no key count for either. No operator, brand or entitlement holder for either hotel sits on the record.
Two owners on one site
Senate Enrolled Act 7, signed by Governor Eric Holcomb in late April 2019, authorised the stadium. Under that law the Capital Improvement Board would own the venue and Indy Eleven would lease and operate it. USL Championship and Sports Business Journal both record the split.
The acreage under the district is privately held. USL Championship reported on 24 June 2022 that Keystone Group had acquired more than 20 acres bordered by West Street, Kentucky Avenue and the White River, and that the firm owned 100 percent of it. Keystone Group owns roughly 23.5 acres there.
The tax district
The Indianapolis Department of Metropolitan Development unanimously approved a special tax district around the site on 1 November 2023. The City-County Council followed with a unanimous approval on 20 November 2023. The tax area uses a portion of state and local tax revenue to pay related infrastructure costs. The current standing of that district is unpublished.
The break of May 2024
On 25 April 2024 Mayor Hogsett announced that he had been speaking with Major League Soccer commissioner Don Garber about an expansion team. Indy Eleven and Keystone Group were not made aware of the process and were not involved in it. Keystone Group issued a statement the same day accusing the mayoral administration of preparing to walk away from the stadium deal. The mayor's office denied the claim. It said a proposal had been made between Keystone and Indy Eleven, not with the city.
WRTV reported on 14 May 2024 that Chief Deputy Mayor Dan Parker called the Eleven Park project rejected and not viable at that time. Parker said the financing had been arranged for a USL stadium and not an MLS stadium. He said the Eleven Park location was much tighter than the site near the downtown heliport.
The city offered to buy the site in a letter dated 22 May 2024. The letter cited concerns about the former Greenlawn Cemetery. IBJ reported that the letter named no price and that the city said it would pay an average of two appraisals. Keystone had found 87 burial plots containing remains across a six-acre first phase. The outcome of that offer is unpublished.
On 22 December 2023 representatives for the Keystone Construction Group announced that human remains had been discovered during excavation on the north end of the site. The former Greenlawn Cemetery occupied a large portion of the stadium site in the late 19th century. Keystone said it was working with the Indiana Department of Natural Resources on the care of any remains found. It pledged that a memorial would form part of the development.
The diligence file a hotel buyer would open
Several items that decide the value of a hotel position sit outside the published record. No source names a hotel operator or brand, a construction start for either hotel, the entity holding the hotel entitlement, or a stadium start date. The outcome of the city's 2024 purchase offer and the current standing of the Eleven Park taxing district are unpublished.
Ask the Capital Improvement Board and Keystone Group for the hotel entitlement status, the current stadium schedule and the disposition of the 23.5 acres.