How about this:
1.
A group of players gets together and deposits 20,000,000,000cr in the Greater Universal Bank of Trust. (You could scale the cost based on the type of station, (Dock, Corialis, Ring), and what ammenities the station will possess (refuel, repair, outfitting, shipyard, etc.).) These could also be very expensive upgrades down the road.
2.
-A new navigation point now appears in the system where the future space station will be.
-NPC Lakon T9s swarm in the area, buying up building materials, tech, or items that make sense for building a station.
-Some NPC participation in delivery of materials will happen, but much of it will be on players trading with the T9s.
3.
-A station forms that can be docked with.
-growth of the station depends on trade, and NPC population.
-expansion to the local planet would depend on trade of the items that encourage terraforming, agriculture, and population growth.
4.
-The station is an entity of its own that:
--produces items to sell (from its system/planet)
--maintains an NPC population, and is connected to planetary population
--requires maintenance costs to remain thriving/functional
--generates minor dividends to its owners (optional)
--provides minor discounts to its owners (parts, ships, etc.) (optional)
Other player decisions:
-Group or groups the station is allied with
-Level of law enforcement in the system
-station commoditity profit settings (higher/lower prices) (optional)
The theory behind this idea, as a player activity is twofold: Players are allowed to invest in a part of the game they construct, and own, and have some level of control over. Players will also need new and more expensive opportunities in which to spend their money.
The challenges would include making all this happen without human intervention, (such as auto-generated spots a new station may be located), eliminating any player abuse related to the station...and about a thousand other things.
Is it in alignment with the theme and feel of Elite? (Whatever that actually is.) Maybe.