Chicago Construction News staff writer
The Community Development Commission today approved up to $201.6 million in Tax Increment Financing (TIF) assistance to support public infrastructure and open space improvements for the massive Foundry Park redevelopment planned on Chicago’s North Side.
The funding package will help finance approximately $234.9 million in public improvements across the 31-acre site at Southport Avenue and Cortland Street in the Lincoln Park community area. The property occupies the northern portion of the former Lincoln Yards development site and was previously home to the A. Finkl & Sons steel mill before its demolition in 2012.
The Commission’s action authorizes the Department of Planning and Development to negotiate a redevelopment agreement with Foundry Park Properties KP7 LLC and recommends the developer’s designation to the Chicago City Council.
Led by JDL Development and Kayne Anderson Real Estate, Foundry Park is envisioned as a new mixed-use neighborhood with an estimated total development value of $3 billion. Plans call for up to 3,737 residential units and approximately 970,000 square feet of office, retail, and hotel space, making it one of the largest proposed developments currently moving forward in Chicago.
The approved TIF assistance will support critical public infrastructure needed to unlock the site’s development potential. Planned improvements include transportation and utility upgrades, new public parkland, and a state-of-the-art riverwalk along the Chicago River. The project also includes enhanced neighborhood connectivity between Lincoln Park and Bucktown and is expected to incorporate an extension of the 606 Trail.
City officials said the infrastructure investments will provide significant public benefits while laying the foundation for future residential and commercial development. The residential component is expected to include a diverse mix of housing types, including apartment buildings, townhomes, and single-family residences, along with affordable housing units required under the city’s Affordable Requirements Ordinance.
The project aligns with goals outlined in the Cortland and Chicago River Redevelopment Plan, which seeks to strengthen economic activity in the North Branch corridor, improve transportation access, and capitalize on the area’s riverfront assets.
In addition to new housing and commercial space, Foundry Park is expected to generate thousands of construction and permanent jobs. The developer will be required to comply with the City’s residency, prevailing wage, and minority- and women-owned business enterprise participation requirements.
With Commission approval secured, the proposal now advances to the Chicago City Council for consideration. Initial construction on the infrastructure phase is expected to begin this fall, marking a significant milestone in the long-awaited redevelopment of one of Chicago’s largest former industrial sites.
