The Chicago Bulls and Mayor Rahm Emanuel on Friday announced plans for the team to build its new practice facility near the United Center on the city's Near West Side.
According to the Chicago Tribune, the 55,000-square-foot facility will be built on the arena's Parking Lot J, between Monroe and Madison streets just east of the United Center.
The project, which is being financed entirely by the Bulls, is slated to be completed by the 2014-2015 season, the Chicago Sun-Times reports.
Since 1993, the team has practiced at the Berto Center in suburban Deerfield but that facility has been limiting to the team, according to Bulls President Michael Reinsdorf. Emanuel also had urged the team earlier this year to consider moving their facility within city limits.
"As we looked to invest in the team’s future, we recognized the importance of also investing in our community," Reinsdorf told NBC Chicago.
According to CBS Chicago, the city is also hoping to eventually add a new CTA Pink Line 'L' stop near the new facility.