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.

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.

After nearly a decade of big swings and misses, including a recent failed bid to build a new White Sox ballpark, The 78 and developer Related Midwest may have finally found an anchor tenant to kick-start the proposed mixed-use megadevelopment in the South Loop.