Chicago’s Lincoln Park neighborhood marked a new chapter on Wednesday as city officials, developers and community leaders gathered under a white tent to break ground on Foundry Park. The project replaces the stalled Lincoln Yards megadevelopment with a scaled‑down, housing‑centric vision that promises thousands of new homes, parks, retail space and a public riverwalk along the Chicago River.
From stalled megaproject to neighborhood‑focused plan
After Sterling Bay’s ambitious Lincoln Yards plan faltered—hampered by financing gaps and the pandemic—the 31‑acre riverfront parcel sat largely empty for years. In March 2025, Sterling Bay surrendered the northern portion of the site to its lender, Bank OZK. JDL Development and Kayne Anderson Real Estate acquired the land in July 2025 and quickly shifted the focus toward residential development.
JDL CEO Jim Letchinger told reporters, “Foundry Park offered a blank slate that would allow JDL to create another world‑class neighborhood.” The new plan emphasizes apartments, condominiums, a boutique hotel, and a modest amount of single‑family homes and townhouses, moving away from the office‑heavy vision of the original Lincoln Yards proposal.
City approval and financing
City Council approved the zoning for Foundry Park in early 2026, and a redevelopment agreement passed in September, providing about $201.6 million in tax‑increment financing (TIF) for infrastructure. JDL and Kayne Anderson are contributing roughly $33 million toward the estimated $235 million total cost.
Mayor Brandon Johnson praised the effort, saying, “Today we are transforming this vacant riverfront space, once home to industrial activity, into a home for more Chicagoans.” Alderman Scott Waguespack, who represents the 32nd Ward that includes the site, noted his earlier concerns about the land’s future and expressed excitement about the amenities the project will bring.
What the development will include
Foundry Park is slated to deliver up to 3,737 housing units, a boutique hotel, office space, retail, and extensive public amenities. The plan features a new extension of Southport Avenue to the river, creating a commercial corridor, and naturalized riverbank landscaping with native plants and trees.
More than eight acres of open space are earmarked, and a potential extension of the Bloomingdale Trail (the 606) over the river remains part of the broader vision. The first phase will comprise four buildings—including a 39‑story tower at Kingsbury and Cortland—that will house residential, office and retail components. A central square is designed for community activities such as farmers markets and winter ice skating.
Infrastructure improvements funded by the TIF include $71 million for roads and utilities, plus additional money for parks, riverfront upgrades and possible trail extensions. The development also plans for underground parking, bike and transit amenities, bird‑friendly windows, green roofs and native landscaping. Affordable housing units will be included, with the exact mix tied to the project’s affordable‑housing obligations.
Looking ahead
Construction is expected to continue through the next decade, with the full development projected to be complete by 2034. The fate of the remaining portion of the former Lincoln Yards site—particularly the land west and south of the river—remains uncertain, as Novak Construction recently purchased that segment without announcing its plans.
Foundry Park represents a collaborative effort among developers, city departments and neighborhood groups, turning a long‑standing vacant industrial site into a vibrant, family‑friendly community that aligns with Chicago’s housing needs and riverfront revitalization goals.
Original reporting: Block Club Chicago — read the source article.
