CHICAGO (AP) -- The Chicago Bulls plan to build their new practice facility near the United Center on the city's West Side.

The team and Chicago Mayor Rahm Emanuel's office announced details of the plan in a release Friday. The Bulls have practiced at the Berto Center in the Chicago suburb of Deerfield since 1992.

The new 55,000-square-foot facility will be built in what's now Parking Lot J, just east of the United Center. The project will be funded completely by the Bulls and is scheduled to be completed in time for the 2014-2015 season.

Bulls Chairman Jerry Reinsdorf calls the new facility an example of the team's longstanding commitment to the city of Chicago and to the Bulls' fans.