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Riverfront Foundry Park begins construction with 3,700 homes planned
Construction has started on a $3 billion development at the former Lincoln Yards site, with more than 3,700 homes, public parks and riverfront improvements planned. The project also received city approval for a $201.6 million tax-increment-financing subsidy.
CHICAGO — Developers and city officials marked the start of construction Wednesday on Foundry Park, a planned $3 billion development along the North Branch of the Chicago River that is expected to bring thousands of homes, public green space and commercial uses to the former Lincoln Yards site.
The 31-acre project occupies the northern portion of the former development site, including the former Finkl Steel property near Cortland Street. JDL Development and Kayne Anderson Real Estate acquired the land in 2025 after previous owner Sterling Bay was unable to advance its larger, office-heavy Lincoln Yards plans amid changing demand for office space.
Foundry Park’s plans call for more than 3,700 residences, with 20% designated as affordable, as well as 970,000 square feet of office, retail and hotel space. The development is also slated to include eight acres of public green space, riverfront improvements and an extension of the Bloomingdale Trail, known as The 606. A 183-room hotel is planned, and city officials estimate the project will create 2,500 jobs.
The first phase is expected to include more than 725 homes, retail space, public green space and underground parking near Southport Avenue and Cortland and Kingsbury streets. The broader plan includes a mix of rental and for-sale housing, with buildings of varying heights; renderings show a tallest building of about 40 stories.
JDL CEO Jim Letchinger said the development’s mix of uses can adapt to market demand. He said the project could take five to eight years to deliver all its units, adding that he expects demand to grow as the neighborhood takes shape.
City planning commissioner Ciere Boatright said the project could benefit surrounding neighborhoods, including Logan Square and Lincoln Park. She projected that after the Cortland and Chicago River tax-increment-financing district expires in 2043, the property could generate $70 million a year for citywide property taxes. By 2056, she estimated, it will have contributed $1 billion.
The City Council’s Finance Committee approved a $201.6 million TIF subsidy for Foundry Park in September. Much of the funding is intended for street redesign and reconstruction, including work on Southport and Cortland streets, which were closed for decades to accommodate industrial operations such as Finkl Steel.
Mayor Brandon Johnson praised the development’s anticipated jobs and range of uses at Wednesday’s groundbreaking. The project received its first Chicago Plan Commission approvals in January, less than 10 months before construction began.