Chicago Construction News staff writer
Chicago City Council has approved a series of measures supporting major development, infrastructure, housing and cultural projects across the city, including $201.6 million in Tax Increment Financing (TIF) for public infrastructure at the planned Foundry Park mixed-use development along the North Branch of the Chicago River.
The 31-acre Foundry Park site near Southport Avenue and Cortland Street is being developed by JDL Development and Kayne Anderson as a $3 billion mixed-use project. The development is expected to include up to 3,737 mixed-income residences and 970,000 square feet of office, retail and hotel space.
The approved TIF funding includes $70.9 million for road and utility construction, $69 million for new parks, $33.5 million for riverfront improvements, $21.5 million for an extension of the 606 Trail, and $6.9 million for site preparation and general expenses.
The initial phase, valued at about $1 billion, is planned to begin this fall. Work is expected to include improvements to Kingsbury and Cortland streets and Southport Avenue, about 600 feet of riverwalk and a centralized park.
Initial vertical construction is planned to include three residential buildings with 709 mixed-income units, a 183-key hotel and a 777-space underground parking garage.
The project is expected to create about 700 construction jobs annually over the next 10 years, with more than 2,500 permanent jobs anticipated at full buildout.
The site was largely occupied by A. Finkl & Sons steel company buildings until they were demolished in 2015. It currently generates about $1.5 million in annual property taxes. Annual tax revenues are projected to reach $30.5 million in 2031 and $68 million in 2036 as development phases are completed.
TIF funding will come from the Cortland and Chicago River TIF District. A previous $487.8 million public infrastructure plan involving developer Sterling Bay was terminated by the Chicago Department of Planning and Development in March 2026 after the 55-acre Lincoln Yards project failed to advance.
Several major measures were also approved by City Council last week, including:
Loop hotel conversion
Council also approved a $50 million TIF loan to support the conversion of part of the former Harris Trust & Savings Bank complex at 111 W. Monroe St. into a hotel.
Prime/Capri Interests LLC plans to spend $166.5 million to create a 308-key hotel within the 275,000-square-foot portion of the complex. The project is expected to create about 250 permanent full-time jobs and generate an estimated $8.3 million annually in hotel and sales tax revenue.
The hotel project is part of a broader redevelopment of the complex that also includes a $179.2 million residential conversion creating 345 mixed-income units. The building was designated a Chicago landmark in June 2025.
Bryn Mawr Avenue landmark district
Council approved landmark district status for three blocks of West Bryn Mawr Avenue in Edgewater.
The Bryn Mawr Avenue District covers the 900 through 1100 blocks between Sheridan Road and Broadway and includes 15 contributing buildings constructed between 1897 and 1928.
The buildings include ground-floor commercial spaces with one or two residential stories above and feature architectural styles including Classical Revival, Queen Anne, Romanesque Revival, Gothic Revival, Mediterranean Revival and Arts and Crafts.
The district also contains three large apartment buildings, two of which are individually designated landmarks.
The designation protects the exteriors of contributing buildings from significant alteration or demolition.
