Loyola Limited is the university's student run and managed business enterprise.
Felice's Roman Style Pizza is their fourth business.
Loyola limited was started in 2010 by 7 undergrads who wanted to create student operated businesses around campus.
Alderman Joe Moore was on hand for the grand opening.
"It's thrilling and exciting not only welcome a new business to the community, but also welcome to the entrepreneurial world some really talent young people," Moore said.
The restaurant will employ 40 students who will oversee all facets of the business.