Chicago Construction News staff writer
A $3-billion mixed-use development is moving ahead on 31 acres of vacant former industrial land along the North Branch of the Chicago River, with plans for more than 3,700 homes, commercial space and public amenities.
Foundry Park, being developed by JDL Development and Kayne Anderson Real Estate, will include 970,000 square feet of office, retail and hotel space, along with more than eight acres of public space along the riverfront.
Twenty per cent of the residential units will be offered at affordable rates, adding more than 700 affordable homes to Chicago’s housing supply.
The initial $1-billion phase includes three residential buildings with 709 mixed-income homes, a 183-room hotel and a 777-space underground parking garage. Plans also include a central park, 600 feet of riverwalk and improvements to portions of North Southport Avenue, West Cortland Street and North Kingsbury Street.
The development will expand public access to the riverfront through parks and improve pedestrian and bicycle connections between Lincoln Park, Bucktown, Logan Square and West Town.
In September, Chicago City Council approved $201.6 million in tax increment financing (TIF) assistance for public infrastructure improvements. The funding will be provided as reimbursements as infrastructure work is completed.
Funding includes:
- $70.9 million for roadway and utility construction;
- $69 million for new parks;
- $33.5 million for riverfront improvements;
- $21.5 million for an extension of The 606; and
- $6.9 million for site preparation and related expenses.
Construction is expected to employ approximately 700 people annually over the next 10 years. More than 2,500 permanent jobs are anticipated when the development is fully built out.
The project is moving ahead less than 10 months after receiving Chicago Plan Commission approval and less than a month after City Council approved the TIF assistance, according to the city.
The site was previously occupied by buildings belonging to A. Finkl & Sons, a steel company that relocated to Chicago’s Burnside Industrial Corridor. The buildings were demolished in 2015.
A 2019 redevelopment plan for the property, then known as Lincoln Yards, did not proceed. JDL Development and Kayne Anderson Real Estate acquired the property in 2025, and the site is now being redeveloped for housing, commercial uses, public open space and riverfront access.
The property currently generates approximately $1.5 million annually in property taxes. The city estimates annual tax revenues will rise to $30.5 million in 2031 and $68 million in 2036 as development progresses.
Foundry Park is among more than $23 billion in major developments that have broken ground in Chicago over the past year. Other projects include the Illinois Quantum and Microelectronics Park on the South Side, The 78 on the Near South Side and the 1901 Project on the Near West Side.
