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.

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.

Joe Mansueto has a deal to buy nearly 10 acres on The 78 for a 22,000-seat soccer stadium that could create a new sports and entertainment hub and jumpstart the megaproject.