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.

The Chicago Fire unveiled plans to build a privately funded, soccer-specific stadium along the Chicago River on Tuesday.

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