35 acres of space will be added.
The three-day festival drew 75,000 people to grant park last year.
The festival has been a real money maker for the Chicago Park District.
"It's been a very positive experience, both for the concertgoer as well as the district," said Tim Mitchell, the superintendent of the Chicago Park District. "Considering this is our sixth year and it's brought in more than $10 million for the district, it's one of the key components that keeps me from raising property taxes on the Chicago taxpayers."
The park district receives more than 10 percent of the proceeds from the festival.
Some of that money goes to a foundation that has helped build city playgrounds and other facilities for children.
This year's Lollapalooza will be held August 6th to 8th.
