The Chicago Fire FC has announced plans to build a brand-new stadium in Chicago.

This will be a soccer-specific stadium, in the vacant plot of land in the South Loop, known as "The 78," located along the South Branch of the Chicago River between Roosevelt Road, Clark Street, and 16th Street. 

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 billionaire team owner Joe Mansueto, the founder of Morningstar Financial Services.

"A world-class city deserves a world-class football club — with a world-class home to match. We're building one at The 78. Our privately funded stadium is purpose-built for soccer to give our players an edge and our fans an incredible matchday experience. This development will be transformative for both the Chicago Fire FC and the city of Chicago. Our new stadium will be the anchor of this new neighborhood, which will build community, create thousands of jobs, and have a significant positive economic impact," Mansueto said in a statement. 

City leaders most like the fact that the stadium is almost completely self-funded.

"Mr. Mansueto is the type of leadership that I've expressed that we need — particularly from the business community. It's willing to put real skin in the game," said Mayor Brandon Johnson.

An expert said the stadium is a win-win.

"A soccer stadium for his own team on privately owned land, not asking for public money; that's a really good day for the city, for the county, and for the state," sports stadium expert Marc Ganis said.

While Mansueto plans to pay for the stadium itself, the developer, Related Midwest, might also ask for millions in tax increment financing or "TIF" money to bankroll the infrastructure needed to prepare the site for development — such as roads, water lines, sewers, power lines, and parking; as well as relocating railroad tracks on the existing site. Those would be taxpayer dollars, but it's unclear how much it would cost.

Construction could begin as soon as this fall and be finished in time for the 2028 Major League Soccer season.

The team's Soldier Field lease is set to expire this year.

At 62 acres, the 78 is one of the city's biggest underdeveloped pieces of property, and many projects that have been pitched to build out there never got past the drawing board, including a possible new White Sox ballpark, and a University of Illinois research center.

The University of Illinois has since said its research center, Discovery Partners Institute, will be split between two locations in downtown Chicago, and at the Illinois Quantum and Microelectronics Park on the former U.S. Steel South Works site on the lakefront near 81st Street.

The White Sox's bid for a new stadium in The 78, thus far, have not advanced beyond preliminary discussions on possible public financing to help fund that project.

So how, if at all, does news that the Chicago Fire FC is likely to build in The 78 affect talks about a new White Sox stadium elsewhere on the same piece of land — and the Chicago Bears' bid for a new stadium either in Arlington Heights or on the lakefront? Ganis said there is indeed likely to be an impact.

"This could create a momentum that then leads into the Bears project, and potentially might lead to some resolution for the White Sox as well," said Ganis.

Ganis has advised dozens of team owners on stadium deals. He said there is sufficient land at The 78 for the White Sox still to build on the same land — and when action and attention are generated around one program, it starts a chain reaction.

"It should not have a direct connection to the other projects, but it will have," Ganis said, "because when you start having answers like 'yes' to projects like this, they tend to cause more yeses."

The White Sox have said talks for that ballpark plan are ongoing, and in a statement said, "We believe in Related Midwest's vision for The 78 and remain confident the riverfront location could serve as a home to both teams."

But chairman Jerry Reinsdorf reportedly is seeking $1 billion in public funds for the project, and Gov. JB Pritzker has said using taxpayer dollars on a new stadium for the White Sox is "not a priority."

So will the Bears' and Sox's billionaire owners ultimately throw more skin in the game now that the local soccer team owner has? For many, that is the goal.

"Perhaps this is a model that other sports teams can look to," said Mayor Johnson.

• Chicago