Foundry Park Moves Toward November Groundbreaking Along the Chicago River
CHICAGO— One of the largest stalled development sites on Chicago's North Side is moving closer to construction.
Foundry Park, the $3 billion redevelopment planned for the former A. Finkl & Sons steel mill property along the Chicago River, is expected to break ground as soon as November 2026, with its first phase targeted to open in early 2029.
Led by JDL Development and Kayne Anderson Real Estate, the project will transform roughly 31 acres of vacant riverfront land on the northern portion of the former Lincoln Yards site.
JDL's current plan calls for approximately 3,200 single- and multifamily residences, 435,000 square feet of retail and 100,000 square feet of office space, along with restaurants, parks, walking trails and a new public riverwalk.
What Is Planned at Foundry Park?
The first phase of Foundry Park is three residential buildings with 709 mixed-income units, a 183-key hotel building and a 777-space underground parking garage.
Foundry Park is designed less like a collection of isolated towers and more like a new neighborhood connected to Lincoln Park, Bucktown and the Chicago River.
The plan combines:
3,200 residences
435,000 square feet of retail
100,000 square feet of office space
Hotel space
Parks and public open space
A new Chicago Riverwalk
Walkable streets and trails
Underground parking
Public space is a major part of the design. Rather than placing large parking structures above ground, much of the parking would sit underground, allowing more of the site to be used for parks, pedestrian connections and active streets.
JDL CEO Jim Letchinger said the development is intended to capitalize on the site's location next to Lincoln Park while creating more opportunities for people to live along the river.
The site is also positioned between Lincoln Park, Bucktown, Fulton Market, Downtown Chicago and the Kennedy Expressway, giving future residents access to several major employment and lifestyle areas.
First Phase Will Bring 709 Homes, a Hotel and Underground Parking
The first phase is already substantial on its own.
Plans call for three residential buildings containing 709 mixed-income residences, along with a separate
183-room hotel and a 777-space underground parking garage.
The first buildings are expected to range significantly in height, with the tallest reaching approximately 38 stories and 520 feet. The phase will also include ground-floor commercial space and new public areas around the buildings.
Chicago approved zoning for Foundry Park in February 2026, clearing one of the project's largest regulatory hurdles. JDL is now targeting a November groundbreaking, with the initial phase expected to begin opening in early 2029.
The larger development is expected to unfold over many years rather than opening all at once.
City estimates indicate construction could support approximately 700 jobs annually over the next decade, with more than 2,500 permanent jobs associated with the project once the broader development is completed.
$201.6 Million Could Fund Roads, Parks and Riverfront Infrastructure
A project of this size also requires significant new infrastructure.
The city is considering up to $201.6 million in tax-increment financing support for approximately $234.9 million in public infrastructure and open-space improvements associated with Foundry Park.
The money would help support improvements such as:
New and reconstructed streets
Utility infrastructure
Parks and public open space
Riverwalk construction
Transportation improvements
Pedestrian connections
The city's Community Development Commission has already supported the package, and Mayor Brandon Johnson formally introduced the proposed financing to City Council in July 2026. Final City Council approval of the redevelopment agreement is still required.
The city expects the redevelopment to dramatically expand the property's tax base.
The largely vacant site currently generates approximately $1.5 million annually in property taxes. Projections cited by the city estimate that could rise to approximately $30.5 million by 2031 and $68 million by 2036 as Foundry Park is built out.
What Foundry Park Could Mean for the Surrounding Real Estate Market
The significance of Foundry Park extends beyond the new buildings themselves.
For years, the former Lincoln Yards property represented one of the largest undeveloped stretches of riverfront land between Lincoln Park and Bucktown. Bringing thousands of homes, stores, restaurants, parks and pedestrian infrastructure to the site could change how nearby neighborhoods connect to the river.
Letchinger expects the project to affect surrounding property values, saying:
“Foundry Park should offer a massive lift to values in the area.”
That is the developer's expectation, not a guarantee of future appreciation.
For buyers and homeowners nearby, the more immediate effects could include new retail, improved river access, additional housing supply, construction activity, new traffic patterns and a substantially different streetscape.
It is also important to remember that Foundry Park is a multi-year megadevelopment. The November 2026 target represents the beginning of the first phase, not completion of all 31 acres.
Still, after years of uncertainty surrounding the former Lincoln Yards property, the combination of approved zoning, committed development partners, infrastructure planning and a near-term groundbreaking target makes this one of Chicago's most important development stories to watch.
The Cory Tanzer Group at Option Premier helps buyers and sellers track major developments and understand how new construction may affect housing supply, neighborhood amenities, nearby competition and long-term real estate decisions across Chicago.
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