New York City FC is making "significant progress" toward a possible soccer-specific stadium in the Bronx that would be part of a $1 billion development project, the club announced in a statement to fans.

The 25,000-seat stadium would be built close to Yankee Stadium near East 153rd Street between River Street and the Major Deegan Expressway. The project also would include affordable housing, a school, a hotel and retail outlets.

NYCFC currently plays home games at Yankee Stadium, but the dimensions of the playing surface have the team playing on the smallest field in MLS. In addition, scheduling conflicts have NYCFC playing some games at the New York Mets' Citi Field in 2020.

An upcoming CONCACAF Champions League game was moved to Harrison, New Jersey, the home of the rival New York Red Bulls.

NYCFC is heading into its sixth MLS season after making its debut in 2015. The team registered a franchise-best 64 points last season, going 18-6-10.

If the new stadium plan comes to fruition, construction wouldn't begin until 2022, according to the New York Times, with the first game in the new venue possibly in 2024.