Major League Soccers’ Los Angeles Football Club (LAFC) has announced plans to build a new soccer stadium in South Los Angeles, on the current site of the Los Angeles Memorial Sports Arena. The new development, with an estimated value of $250 million, will be anchored by a 22,000-seat soccer-specific venue. The project, designed by architecture firm Gensler, will also feature more than100,00 square feet of new restaurants, office space, a conference center and a soccer museum. The project is being spearheaded by a 24-member ownership group which includes sports and entertainment mogul Peter Gruber, businessmen Ruben Gnanalingam, Henry Nguyen and Vincent Tan, Club President Tom Penn, U.S. soccer star Mia Hamm Garciaparra, NBA Hall-of-Famer Earvin “Magic,” Johnson, former Major League Baseball All-Star Nomar Garciaparra and best-selling self-help author Tony Robbins. Construction of the stadium is expected to be complete in time for the 2018 MLS season, expected to be the first for LAFC. The project has already earned the support of a variety of local officials, including Mayor Garcetti and several members of the Los Angeles City Council. LAFC has also entered into a preliminary agreement with the University of Southern California, which controls both the Sports Arena and the adjacent Los Angeles Memorial Coliseum.