Plans show an open-air stadium to allow for a natural grass field, which can hold up to 22,000 fans. The team says the estimated $650 million project will be privately funded. The stadium will be largely privately financed by team owner Joe Mansueto, the founder of Morningstar Financial Services.

Unofficially labeled as the city's 78th community area, the downtown adjacent land has long been sought after for further development.

It looks like a resident will finally be moving in to anchor “The 78,” the vacant piece of land in Chicago’s South Loop that’s been a proposed site for several developments over the years, most recently a new White Sox stadium.