If approved, it this would be the first time a new large-scale stadium is developed in Chicago in three decades.
Thursday, was an important step forward for both the developers and the Chicago Fire,
The vacant train yard located in the Near South Side will be transformed into what will, when complete be "The 78" neighborhood.
That is, if the city approves by a brand new $750 million dollar stadium for the Chicago Fire.
"We are excited to be good neighbors from day 1. Even before the stadium is even open," said Dave Baldwin, the President of Business Operations for Chicago Fire.
The $8 billion dollar project is called "The 78." It would feature, in addition to the privately funded stadium, businesses, parks, and upwards of 5,000 new residential units.
Developers said it would create up to 15,000 jobs.
"I believe this is going to be a really great catalyst for growth in this city and in our community right next door," 11th ward Alderwoman Nicole Lee said.
However, there is concern that the plan is being rushed to meet a stated 2028 goal to open the stadium without full consideration to its effect on traffic.
"We don't want Chicago Fire fans to be frustrated when they can't easily get access into the stadium any more than we want our own neighbors to be frustrated when Roosevelt Road is too crowded for us to get to the grocery store," Marge Halperin with One Community Near South said.
Displacement of long-term residents and businesses, particularly in Chinatown, was also a theme during today's public comments.
"The median income for the South Loop area is $125,000," said Grace Chan-Mckibben with the Coalition for a Better Chinese American Community. "But the median income for Pilsen, Chinatown, Bronzeville, particularly for Chinatown and Bronzeville is not $125,000. It's probably about half that."
There is still a long way to go before any development becomes a reality.
It still needs to be approved by the zoning committee as well as the full city council.