Chicago Approves $3B Foundry Park Development
The Chicago City Council has approved the $3 billion Foundry Park project. The development, led by JDL Development and Kayne Anderson Real Estate, will transform a 28-acre former steel mill site into a new mixed-use space.
- The project replaces the northern portion of Sterling Bay's stalled "Lincoln Yards" megaproject, pivoting from a commercial-heavy focus to a more residential-led community. This new vision for the former A. Finkl & Sons steel mill site is designed by Hartshorne Plunkard Architecture. - Groundbreaking on the first $800 million phase is planned for October 2026, with the developer stating financing is already in place. This initial phase will include four towers, one of which will be a 38-story mixed-use building with a grocery store, apartments, and condos. - Plans call for approximately 420,000 square feet of retail and commercial space, creating a new market for restaurants, shops, and service-based businesses. An extension of Southport Avenue will serve as the development's main commercial artery. - A significant portion of the development, about one-third of the site, is dedicated to public open space, including 8.5 acres for a new riverwalk, parks, plazas, and playgrounds. A central square is designed for seasonal programming like farmers markets and ice skating. - The development will create a dense new customer base for local businesses, with plans for roughly 3,700 residential units, including apartments, condos, townhomes, and single-family homes. A hotel with 180-200 rooms is also part of the plan. - The project is expected to create 2,500 permanent jobs and generate over $1 billion in tax revenue over the next two decades. - Connectivity will be a key feature, with plans to extend the Bloomingdale Trail (The 606) through the site, add a new water taxi stop, and create a private shuttle to CTA and Metra stations.
