It's "game on" for a major development along the Chicago River near Roosevelt Road.

The groundbreaking was Tuesday for the Chicago Fire's new stadium.

The $750 million privately funded stadium is the first new major stadium development in the city in decades.

"It's a long-term investment in the city of Chicago. It's designed as a year-round engine for activity and for growth throughout Chicago," said Dave Baldwin, Chicago Fire president of business operations.

In addition to a new stadium, businesses, parks and new apartments are also part of plans for The 78. Developers expect the project to create up to 15,000 jobs.

"Our vision for the Fire is to have a world-class soccer organization. And an integral part of that is to have a world class stadium," Chicago Fire owner and chairman Joe Mansueto said.

The team had their home in Bridgeview, before moving to Soldier Field in 2019.

It's been nearly a year since the Chicago Fire officially announced their plans to bring a soccer stadium to the South Loop.

"What league can be viable without homes that are cathedrals to the sport?" Major League Soccer Commissioner Don Garber said.

For years, the space has been little more than a vacant train yard.

"For too long, this stretch along the river has been empty. Yet, it has been asked with so much potential," Mayor Brandon Johnson said.

Some people who live around The 78, like those in Chinatown, are concerned about gentrification in nearby neighborhoods.

They launched the Community Benefits Agreement, calling for a list of protections as the project begins. They want the agreement to include affordable housing protections, local job commitments, transportation planning and environmental safeguards.

RELATED: Chicago Fire unveil renderings of proposed South Loop soccer stadium

"The message is very clear," said Sarah Tang, with Coalition for a Better Chinese-American Community. "The 78 is not for everyday Chicagoans. It's for rich people, a playground for developers to bring up their yachts to see a soccer game."

Grace Chan McKibben said she's not against the stadium. But she is concerned that, much like with the United Center and Sox Stadium, those benefits will fail to materialize for lower-income residents in the surrounding areas.

"We worry about housing costs going up and displacing long-term residents. We worry about small businesses not being able to compete," Chan McKibben said.

The developers said there were several community meetings about stadium development plans. They believe the project will benefit surrounding communities.

Organizers project $8 billion in economic impact with the full site buildout, significant job creation and an increase in visitors and economic activity in the South Loop.

The new stadium is expected to seat over 22,000 people and open by 2028, ahead of the MLS season.