Chicago breaks ground on $3 billion Foundry Park redevelopment

JDL Development and Kayne Anderson Real Estate have officially broken ground on Foundry Park, a $3 billion mixed-use redevelopment of the 31-acre former A. Finkl & Sons Steel site in Chicago’s Lincoln Park.

The project aims to transform the former industrial property into a community featuring up to 3,737 residential units, including 20 percent designated as affordable housing. The master plan also includes 970,000 square feet of office, retail, and hotel space, alongside more than 10 acres of public parks, plazas, and riverwalks. The first phase, expected to be completed by early 2029, will consist of three residential buildings and a 183-key hotel.

Mayor Brandon Johnson noted that the development is projected to create at least 2,500 permanent jobs. To support the infrastructure, the Chicago City Council approved a $201.6 million Tax Increment Financing subsidy for streets, bridges, and utilities. The developers intend to preserve the site’s industrial history by incorporating salvaged steel relics into the public spaces.