Diamond Chain’s prime location is on the southwest outskirts of downtown. (IBJ Photo/Eric Learned)
Local real estate experts and downtown leaders generally say they support Indy Eleven’s selection of a site near Lucas Oil Stadium and Victory Field in downtown Indianapolis to build a new stadium and retail district. .
Team owner Ersal Ozdemir, who also owns local development company Keystone Corp., said in an article first published by IBJ on Friday morning that he plans to spend around $1 billion to build Eleven. Park on the former Diamond Chain property along the White River, just south of the ballpark.
“It’s just a perfect site for the vision of Keystone and Indy Eleven,” said Andrew Urban, vice president of business services for the Indianapolis office of real estate brokerage Colliers International. “We will now have this amazing… neighborhood that is truly unique compared to so many other Midwestern cities that Indianapolis competes against for residents and businesses. So I really think it’s a perfect choice from a location perspective, and it’s also a really big win for downtown.
Leaders of the Stadium Village Business Association, which represents much of the downtown south side, including the Diamond Chain site, also said they support the project.
“This is a very welcoming and impressive proposition that Ersal has created for the South Side of Indianapolis,” said Brian Shapiro, owner of Shapiro’s Delicatessen and former chairman of the SVBA Development Committee. “It basically takes a site that’s an eyesore – in a great location – and turns it into a win for everyone.”
Bob Schultz, interim president of Downtown Indy Inc., agrees.
“This is a great day for downtown Indianapolis. We will see more transformational development and investment from both the private and public sectors over the next five years than we have ever seen in Indianapolis history. our city,” he said in written remarks. “Ersal and the Keystone team are incredible visionaries with their plans that will serve as the catalyst for continued investment and growth in our central southwest quadrant. -city, which is rapidly becoming a dynamic part of our urban core.”
City tourism officials have said the site could be a boon for new sporting events, which Ozdemir said he hopes it will.
Chris Gahl, vice president of Visit Indy, called the project a “bold and progressive development” for the west side of downtown that will connect many of the city’s amenities and create new opportunities for tourism in the city.
“It will definitely help Visit Indy attract additional visitors to the city and extend their stay in town,” he said. “It also bolsters amenities in and around the Indiana Convention Center, which is key to boosting tourism overall. This will add to the attractions and amenities offered to our visitors, so it is perfectly placed.
The site could also host major sporting events such as international soccer games, such as exhibition games for the U.S. men’s and women’s national teams, as well as high school and college games. The ground could also be used for sports like lacrosse and rugby.
Ryan Vaughn, outgoing president of Indiana Sports Corp., said the organization plans to work closely with Indy Eleven to determine how best to promote the facility for future events, starting in 2025.
“Once Sports Corp. has enough information to respond to a [request for proposals]as long as we have a firm commitment that it is going to be built, we will feel very comfortable after these events.
Gordon Hendry, managing director of property group HRE Advisors, said he believed Keystone’s control of the entire site was crucial for the group to reach a deal with city and state officials on the incentives and other funding mechanisms.
“I think that’s a definite benefit whether this goes ahead or not – it greatly increases the likelihood that key stakeholders will understand that this is real now, and they’ll want to help Keystone make this a proposition. success,” he said.
The broker added that although the $1 billion price tag is considerable, he expects the cost to be ultimately outweighed by the economic benefit of the development as a whole.
“You are talking about more than 800 million dollars [in] hotels, offices, residences and other related developments, which alone has a very significant potential economic impact for the city of Indianapolis,” Hendry said.