The facility will be the centrepiece of the new sports and recreation precinct in Springfield – 30km west of the Gabba.
The federal government has committed $15 million of the $60 million first stage of the project.
Additional funding will come from the AFL, Ipswich City Council and the Springfield Land Corporation, among others.
The first stage will include an MCG-sized field, lighting suitable for NAB Cup and NEAFL matches, and first-class training and administration facilities.
The Lions and AFL have signed a Heads of Agreement (HOA) – which includes a 99-year lease of the site to the Lions - with the Ipswich City Council and Springfield Land Corporation for the development of the facility.
Chairman Angus Johnson said the decision, which was two years in the making, helped level the playing field with the rest of the AFL.
Springfield is Queensland's fastest growing area and currently a 25-minute drive from the CBD.
"We've had football department staff looking at facilities including AC Milan and some of the major NFL clubs," Johnson said.
"It'll be cutting-edge. We're talking a world-class facility."
Currently the Lions train at three venues – the Gabba, Yeronga and Coorparoo.
Development will begin next year.
Johnson said it would also be part of the carrot for attracting a new coach after Michael Voss was sacked earlier this week.
"It's not only going to attract players, but I would have thought … when you throw in a new $60 million training and administration facility like this, it's something a coaching candidate would take particular notice of," he said.
"It will attract players, there's no doubt, and will help retain our players as well."
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