Chicago Approves $3B Foundry Park Development on Former Steel Site
The Chicago City Council has approved the $3 billion Foundry Park development from JDL Development and Kayne Anderson Real Estate. The project will transform a 28-acre former U.S. Steel factory site into a mixed-use district. The development is expected to feature residential, commercial, and recreational spaces, bringing new jobs to the area.
- The project will be built on land that was previously part of the stalled Lincoln Yards megadevelopment and was home to the A. Finkl & Sons steel mill from 1902 until 2014. The new developers acquired the land after lender Bank OZK seized it from the previous developer, Sterling Bay. - Designed by Hartshorne Plunkard Architecture, the master plan includes 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 initial $800 million phase is slated to break ground in October 2026 and will feature four buildings on a triangular parcel at N. Southport Ave, W. Cortland St, and N. Kingsbury St. This phase includes a 38-story mixed-use tower that will contain a grocery store. - Approximately one-third of the 28-acre site will be dedicated to public open space, including parks, plazas, and a riverwalk. The plan also incorporates an extension of the Bloomingdale Trail (The 606) over the Chicago River. - The development is projected to create 2,500 permanent jobs and generate over $1 billion in tax revenue for the city within its first 20 years. - While the zoning has been approved, a final plan for funding and constructing the necessary public infrastructure, such as new roads and utilities to manage traffic, is still being worked out with the city. - According to the planned development, 20% of the total residential units are expected to be designated as affordable housing.
