INDIANAPOLIS (WISH) -- The Indy Eleven's last pitch for a new soccer stadium didn't work out, so they're trying something different.
The team, which currently shares Lucas Oil Stadium with the Colts, is proposing an entire neighborhood development that would include new apartments, shops, offices and a hotel adjacent to a 20,000-seat stadium.
The project is called "Eleven Park."
"It seems that they've done their homework and they've thought about the community more than just the team," Indy Eleven fan Jeremy Field said.
The team would like the apartments, hotel and business space to be privately funded. They want the city to finance the stadium with tax money from the private portion of the project and developer-backed bonds.
Indy Eleven is offering to lease the stadium and pay all operating costs.
It's a $550 million idea that can't become a reality unless the team wins over the city and the Capitol Improvement Board.
"We've already got such a solid base of supporters. It will only improve the experience and it will only improve the count of people who come," Indy Eleven fan Chris Henderson said.
The Indy Eleven and the developer, Keystone Group, declined News 8's interview requests. The team and real estate company are both owned by Ersal Ozdemir.
Keystone Group said in a statement that a location for the project would be announced at a later date.
The United Soccer League team was considered for a Major League Soccer spot in 2017, but did not get it.
"Without a stadium, it seems really impossible for an MLS team to come here," Field said.
WISH-TV reached out to the mayor and the Capitol Improvement Board for an interview or statement and neither had responded on Thursday night.