Latest news with #Ozdemir
Indianapolis Star
a day ago
- Business
- Indianapolis Star
Keystone Group acquires former Anthem HQ on Monument Circle
An Indianapolis developer known for transforming historic buildings downtown into high-end hotels and apartments recently acquired a vacant building on Monument Circle. Keystone Group bought the former Anthem headquarters building at 120 Monument Circle for an undisclosed price and plans to upgrade the property's existing uses, the Indianapolis developer said June 10. In a release, Keystone said the property would remain a major mixed-use development and be a place to live, work and play. The redevelopment would likely include rooftop views of the circle, high-end outdoor activities, parking and retail and restaurant space, a release said. Elevance Health, formerly Anthem, left the property in 2018 to move to a new headquarters on the far south end of downtown. The previous owner of the building, FSP Monument Circle LLC, a Massachusetts-based company, bought the building for $42 million in 2010. Without specifying exactly what Keystone would do with the building, Keystone owner Ersal Ozdemir said the company would transform the central property into "a vibrant hub of activity, innovation and community in downtown Indianapolis. '120 Monument Circle is more than just a building, it's a centerpiece location in the beating heart of our city,' Ozdemir said in a statement. 'The sky is the limit for the redevelopment of 120 Monument Circle, presenting a generational opportunity to remake the face of Monument Circle and will stand as testament to Keystone's ongoing dedication to visionary development of our state capital.' Developers are breathing new life into Monument Circle after the focal point of the city lost foot traffic during the pandemic and after downtown protests in 2020 hit the block hard. Just steps away, Keystone unveiled its $110 million redevelopment of the historic Illinois Building in February, opening the city's first Intercontinental hotel, the first luxury hotel to open downtown in a decade. A block north, Keystone is also in the process of converting the final floors of office space at 220 N. Meridian into upscale apartments. SPARK on the Circle returns to downtown. Could it become a year-round fixture? Another key Monument Circle property will soon be getting a refresh, as Holladay Properties filed plans last month to convert the Circle Tower on the southeast quadrant of the circle into an AC by Marriott hotel.
Axios
20-03-2025
- Business
- Axios
Promotion, relegation coming to Indy Eleven's league
The United Soccer League is making moves to compete more directly with Major League Soccer, something the embattled Indy Eleven is using to bolster its case for remaining Indianapolis' sole professional soccer team. The big picture: USL owners voted this week to introduce promotion and relegation by 2028 as they prepare to launch a new top-tier soccer league. The USL plans to launch a Division One league in 2027-28, intended to rival Major League Soccer as the top tier for the men's game in the U.S. Why it matters: This is a huge move in the U.S. soccer landscape, rewarding teams that perform well with promotion to a higher league. Teams that perform poorly will face relegation to a lower league. What they're saying: "This now provides Indy Eleven the opportunity to play at the top tier," the team said in a statement. The team also contends it has "continually met minimum criteria" to compete at the top tier, except for a U.S. Soccer Federation requirement to have a 15,000-plus-capacity stadium. "This is why the team has worked expeditiously on the pursuit of a 20,000+ stadium," the statement said. Catch up quick: Indy Eleven's owner, Ersal Ozdemir, broke ground in 2023 on Eleven Park, a $1.5 billion mixed-use project along the White River that was supposed to include a 20,000-seat soccer stadium to serve as the team's new home. Last year, city officials announced they would pursue an MLS expansion bid without Ozdemir and the Indy Eleven — removing necessary support for Eleven Park in favor of a different stadium project on the east side of downtown. The intrigue: While there were doubts about the viability of transitioning the Indy Eleven to the MLS, the new USL structure could give the city a Division One soccer team without having to court MLS and pay its exorbitant expansion fees. How it works: With the existing USL Championship (second division) and USL League One (third division), USL Division One (first division) would create a pyramid structure for promotions and relegations. It is unclear what the exact layout for promotion and relegation will look like, such as the number of teams that will be promoted and relegated each season, or if there will be financial incentives for promotion. Between the lines: Promotion and relegation is common outside the U.S., including in England's Premier League. If you're among the millions of people who watched "Ted Lasso" on Apple TV+, you've already been exposed to the concept. Zoom out: MLS is the existing top-tier men's league in the U.S. It also has a third division league, MLS Next Pro, under its umbrella. MLS does not include promotion and relegation.
