The venue would be used for esports and virtual reality, where professional video game players would be able to compete.
The proposed building would occupy more than 100,000 square feet, and it would be able to host more than 1,000 people.
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"Surge" Esports Stadium would be located in the 2500-block of South Wabash Avenue at McCormick Square, near McCormick Place.
The proposal for the arena was put in front of the Chicago Plan Commission by a company called Smash Interactive.
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Alderman Pat Dowell, who is credited with helping lure more tourists to the area, said she hopes construction will get underway sometime this year.
The Chicago Park District's first esports tournament took place in December.
The COVID-19 pandemic has jumpstarted interest in esports.