$3 Billion Foundry Park Development Moves Forward Near Chicago’s North Side Riverfront

Massive Mixed-Use Project Moves Forward After City Council Approval

Chicago’s City Council has officially approved the $3 billion Foundry Park development, clearing the way for one of the largest planned mixed-use communities on the city’s North Side. The 28-acre project will transform land previously planned as part of the stalled Lincoln Yards megadevelopment into a new residential neighborhood featuring housing, retail, office space, hotel uses, and expansive open space.

Developed by JDL Development and Kayne Anderson Real Estate, the project represents a major shift in how the site will be used, with a stronger emphasis on residential living and neighborhood design compared to earlier plans.

Foundry Park Development Overview

The approved plan introduces a large-scale, mixed-income neighborhood designed by Hartshorne Plunkard Architecture. Once completed, Foundry Park will include:

• Up to 3,690 apartments and condominiums

• 19 single-family homes and 28 townhomes

• Approximately 180 to 200 hotel rooms

• Around 420,000 square feet of retail space

• About 350,000 square feet of office space

The development will be organized into multiple subareas, each featuring a mix of residential density and building heights. Plans include towers reaching up to 38 stories alongside mid-rise and low-rise structures, helping create a varied urban landscape rather than a single high-rise cluster.

First Phase Details and Design Strategy

The first construction phase will focus on a triangular parcel known as Subarea D, bounded by Southport Avenue, Cortland Street, and Kingsbury Street. This phase will include:

• An 11-story hotel building

• Multiple residential buildings ranging from 8 to 13 stories

• A 38-story mixed-use tower reaching approximately 520 feet

• Ground-floor retail designed to activate the streetscape

Notably, the tallest tower will include a grocery store at street level along with potential community uses such as childcare or educational space, helping establish a true neighborhood environment from the start.

Open Space and Riverfront Improvements

Foundry Park Hartshorne Plunkard Architecture

One of the defining elements of Foundry Park is its emphasis on public space and riverfront access. Nearly one-third of the site is planned as open space, including:

• A new riverwalk system

• Parks and plazas

• Playground areas

• Dog parks

• Large central lawn spaces

Design plans also include future connections to the 606 Trail, helping link the development to surrounding neighborhoods and expanding walkability along the Chicago River corridor.

How Foundry Park Fits Into Chicago’s Development Landscape

Foundry Park Hartshorne Plunkard Architecture

The approval of Foundry Park represents a significant evolution of the former Lincoln Yards vision. Rather than a heavily office-driven megadevelopment, the new plan emphasizes housing, neighborhood scale, and mixed-use community design.

Key trends reflected in the project include:

• Continued demand for large mixed-use neighborhoods

• Increased focus on residential density and affordability

• Stronger integration of public green space

• Riverfront redevelopment as a long-term city strategy

Large projects like this often reshape surrounding real estate markets by introducing new housing supply and establishing new lifestyle hubs along previously underutilized land.

What Happens Next

With City Council approval secured, the project now moves toward phased implementation. Construction timelines will unfold gradually, with early phases focused on infrastructure, residential buildings, and core public spaces before later phases add additional density and amenities.

Given the scale of the project, Foundry Park is expected to take multiple years to fully build out, creating a long-term development story that will continue shaping Chicago’s North Side.

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