The Chicago Bulls will build their new basketball practice facility on a site next to the United Center, releasing a preliminary architectural rendering of the planned facility.

"I am pleased that the Bulls are moving their practice facilities into the City of Chicago and continuing the great work revitalizing the entire neighborhood around the United Center," said Mayor Rahm Emanuel. "The Bulls are an iconic championship team and a source of pride for our city. Their future, and the future of the West Side, is bright."

The location planned for the new facility is Parking Lot J, which sits east of the United Center across South Wood Street between Monroe and Madison Streets. Plans for the new facility remain in development and the project, which will be funded completely by the Bulls, is scheduled for completion in time for the 2014-15 season.

The Bulls have practiced at the Sheri L. Berto Center in Deerfield, IL, since 1992. The team intends to sell the current practice facility.