Chicago Approves $3B Foundry Park Project

- The project replaces the northern portion of the stalled Lincoln Yards megaproject, a previously approved vision from developer Sterling Bay that never came to fruition. Foundry Park's plan is considered more human-scaled, with a focus on creating a walkable neighborhood. - Designed by Hartshorne Plunkard Architecture, the full development will include 3,690 apartments and condos, 19 single-family homes, 28 townhomes, a hotel with up to 200 rooms, 420,000 square feet of retail space, and 350,000 square feet of office space. - The developers plan to break ground on the $800 million first phase in October 2026. This initial stage will be built on a triangular parcel at N. Southport Ave, W. Cortland St, and N. Kingsbury St and will feature four buildings, including a 38-story mixed-use tower. - The plan includes significant public amenities, such as a new riverwalk, multiple acres of park space, playgrounds, and a potential extension of the Bloomingdale Trail (The 606) over the Chicago River. - The development is situated on the former site of the A. Finkl & Sons steel mill along the Chicago River, between the Bucktown and Lincoln Park neighborhoods. - Tax Increment Financing (TIF) will be used to fund public infrastructure projects, such as new roads and bike lanes, needed to support the development. - Approximately 20% of the project's residential units are slated to be affordable housing. According to the city's Affordable Requirements Ordinance, a full build-out would necessitate 641 affordable units. - Projections estimate the project will create 2,500 permanent jobs and generate more than $1 billion in tax revenue for the city over the next two decades.