Ald. Walter Burnett (27th) said the facility will be "a benefit for the community," at a meeting where details and renderings of the 60,000-square-foot facility were released Wednesday.
"The whole community is excited about this," he said. "... It's exciting to know that the basketball players are going to be in the community leisurely. [I'm] hoping that they'll be going to some of the restaurants in the area."
Bulls players would rather live in Chicago than the suburbs, said Bulls President Michael Reinsdorf.
The current suburban practice facility is additionally "lacking some of the start of the art amenities" that other teams have, Reinsdorf said.
"Investing in a new practice facility hopefully will help us to achieve our number one goal, which is to win championships," he said.
The practice facility will be private, but may someday be available for tours, Burnett said.
The building will be 44 feet tall at its highest point, made mostly of metal and wood and have a 162-space parking lot.