American football team the Chicago Bears has announced a $4.2bn stadium, to be designed by Kansas City firm Manica Architecture.

The development will be located on the waterfront and will include a mall, restaurants and bars. Manica says the design will have a translucent roof, similar to the Raiders’ Allegiant Stadium in Las Vegas, and that the venue will be able to accommodate events such as concerts, conventions and graduations.

Overpasses, ramps, interchanges and a parking deck will be built to ease traffic in the area.

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The project will be one of the largest in Illinois’ history. For the funding, about $2bn will come from the Bears and the remainder from the Illinois Sports Facilities Authority.

The project is expected to create 43,000 construction jobs and 4,200 permanent jobs.

Brandon Johnson, Chicago’s mayor, said: “This is a beautiful day for the City of Chicago. As a lifelong Bears fan, it is an honour to be here to celebrate the Bears’ commitment to remaining the Chicago Bears. This is going to reinvigorate the entire city.”

Construction is due to begin next year.