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

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.