L.A.’s new soccer franchise plans to build a new stadium at the site of the Los Angeles Memorial Sports Arena near USC, team officials announce Monday.

Owners of Los Angeles Football Club, which will join Major League Soccer in 2018, unveiled plans for the 22,000-seat stadium and more than 100,000-square feet of related development, including restaurants, office space, a conference center and a world soccer museum, according to a statement. The project will be designed by downtown L.A. architecture firm Gensler.

The decision was a blow to business leaders in the San Fernando Valley, who had lobbied the new club to build a stadium in that region and had pitched several potential sites. But LAFC opted to plant its flag in Exposition Park, long-rumored to be the team’s preferred destination.

“We are committed to making our home in South Los Angeles and to be part of the

phenomenal development happening along the Figueroa corridor that extends to

downtown Los Angeles,” said Henry Nguyen, head of LAFC’s ownership group, in the statement.

The club’s ownership group also includes Lakers great and Dodgers co-owner Earvin “Magic” Johnson, athletic wife-and-husband duo Mia Hamm and Nomar Garciaparra, and entertainment mogul Peter Guber, who is also co-executive chairman of the NBA’s Golden State Warriors.