CHICAGO (CBS) — A new 1,200 room hotel is in the works for McCormick Place, the city announced on Tuesday.

The “headquarters hotel” will be built just to the west of the convention center, along South Michigan Avenue near Cermak.

Planners says the hotel will allow McCormick Place to host more mid-level events each year as well has provide more hotel space for larger conventions.

In a news release, the city said the new hotel would cooperate with the existing Hyatt Regency hotel at McCormick Place to help accommodate large-scale events.

The hotel will also include an elevated walkway to the west side of the convention center.

The release did not say when the project would start. The Metropolitan Pier and Exposition Authority, which owns McCormick Place and the Hyatt, is acquiring the new site. The project is expected to cost $400 million.

The hotel is expected to generate 500 permanent jobs and about 2,500 construction jobs.

Upon completion, the hotel will allow convention visitors to use this single property as their headquarters.