Foundry Park Moves Forward With $201.6M TIF Approval on Chicago’s North Side Riverfront

CHICAGO — One of Chicago’s most closely watched megaprojects is moving another step forward. Foundry Park, the planned $3 billion redevelopment on the north half of the former Lincoln Yards site, has received approval for up to $201.6 million in Tax Increment Financing support for public infrastructure and open space improvements.

The project is planned for a large riverfront site near Southport Avenue and Cortland Street, on the western edge of Lincoln Park. If built as envisioned, Foundry Park would transform a long-stalled industrial corridor into a new mixed-use district with thousands of homes, retail, office space, hotel uses, riverwalk access, parks, and new neighborhood connections.

What Is Foundry Park?

Foundry Park is the new redevelopment plan for the north portion of the former Lincoln Yards site.

The project is being led by JDL Development and Kayne Anderson Real Estate, with design work by Hartshorne Plunkard Architecture. The plan calls for a major mixed-use neighborhood built around housing, public space, river access, and new commercial activity.

Current plans include up to approximately:

3,737 residential units
970,000 square feet of office, retail, and hotel space
A mix of apartments, condos, townhomes, and single-family homes
A hotel component
New parks and public spaces
New riverwalk access along the North Branch of the Chicago River

For buyers watching the North Side, the scale alone makes Foundry Park one of the most important development stories in Chicago right now.

What the TIF Approval Means

The recently approved TIF support is focused on infrastructure, not simply private buildings.

Developers are expected to pay about $234.9 million to $235 million for public improvements, then receive up to $201.6 million back from TIF funds generated by new construction within the district.

Those public improvements are expected to include:

Bridge and viaduct work
Street upgrades
Utility modernization
New public open space
Riverwalk improvements
New stretches of Dominick Street and Southport Avenue
Better connections through and around the site

In simple terms, the TIF helps fund the infrastructure needed to turn a former industrial site into a functioning neighborhood.

Riverwalk, Parks, and Open Space Are a Major Part of the Plan

One of the biggest lifestyle pieces of Foundry Park is the planned open space.

The project is expected to include roughly 10 acres of parks and open space, including a central public park or plaza that could become the neighborhood’s main gathering point.

Plans also call for about 3,000 linear feet of new riverwalk along the North Branch of the Chicago River, creating more public access to a part of the riverfront that has historically been harder to reach.

A future connection to The 606 trail has also been discussed, which could significantly improve bike and pedestrian access between nearby neighborhoods.

Phase One Could Begin This Fall

The first phase of Foundry Park is expected to focus on the triangular site bordered by Cortland Avenue, Southport Avenue, and Kingsbury Street.

That phase is estimated at around $800 million and is expected to include:

Roughly 800 residential units
A hotel with approximately 180 rooms
Ground-floor retail
Four towers ranging from 8 to 38 stories
A two-level underground garage with approximately 800 parking spaces

Permitting and groundbreaking are expected as early as October 2026, with the full buildout planned in multiple phases over time.

The Bigger Picture

Chicago’s riverfront has been changing for years, but Foundry Park could become one of the most important pieces of that transformation.

If the project moves forward as planned, it would bring thousands of new homes, new public spaces, a more accessible riverfront, and new commercial activity to a major North Side site.

For buyers, investors, and neighborhood watchers, the key takeaway is simple: the area around Southport, Cortland, and the former Lincoln Yards site may look very different over the next decade.

Looking to Buy Near Chicago’s Next Major North Side Development?

Browse available homes and condos near Lincoln Park, Bucktown, Wicker Park, Logan Square, and the North Branch riverfront, or connect with the Cory Tanzer Group at Option Premier for expert guidance on Chicago neighborhoods positioned near major development, parks, river access, and long-term growth opportunities.

More to Explore: River North vs. West Loop: Which Chicago Condo Market Fits Your Lifestyle Best?

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Ranked among the top 1% of real estate teams in the Chicagoland market, Cory Tanzer and the Cory Tanzer Group are experts in helping buyers and sellers navigate today’s market across Downtown Chicago, the North Shore, and the Western Suburbs. Recognized for their neighborhood expertise in areas such as University Village, University Commons, South Loop, and Pilsen, the team helps clients stay one step ahead by understanding where the Chicago market is headed next.