JDL Development is moving forward with Foundry Park, a 31-acre mixed-use development along the north side of the Chicago River at the site of the former A. Finkl & Sons steel mill. The project will include 3,200 single- and multifamily residences, 435,000 square feet of retail and 100,000 square feet of office space, according to JDL.
The $3 billion project is being developed with residential and retail uses designed to fit within the surrounding neighborhoods, according to Jim Letchinger, CEO of JDL Development.
“There is a tremendous opportunity for more living opportunities to be developed adjacent to Lincoln Park, arguably one of the best neighborhoods in the country,” Letchinger said.
Public and open space will be a major part of the development. Plans call for parks, a riverwalk and walkable streets, with underground public parking serving the project.
“We are emphasizing the public and open space to allow great walkability and visibility,” Letchinger said.
The Chicago City Council approved zoning for Foundry Park in February. JDL expects to break ground in November, with the project slated to open in early 2029.
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. According to the City, construction is expected to employ approximately 700 people annually for the next 10 years, with more than 2,500 permanent jobs upon full build-out.
The development is being financed with support from Kayne Anderson, which JDL partnered with to provide capital for the project. Letchinger said securing capital remains one of the biggest challenges facing a development of this scale.
In July, Mayor Brandon Johnson proposed to City Council a $201.6 million infrastructure financing proposal for Foundry Park. According to the city of Chicago, the site is currently generating about $1.5 million in annual property taxes. Tax revenue from Foundry Park is projected to reach $30.5 million by 2031 and $68 million by 2036 as construction progresses.
For the surrounding real estate market, JDL expects Foundry Park to have a significant impact. The site’s stalled development, Letchinger said, has affected area property values over the past five years.
“Foundry Park should offer a massive lift to values in the area,” he said.
JDL also sees the project’s location as a key selling point. Foundry Park will offer access to Lincoln Park, as well as downtown, Fulton Market, the lakefront and the suburbs.
For residential buyers, Letchinger said, the project will bring a high-end product to the neighborhood, with “the finest finishes in Lincoln Park.”
The development is intended to appeal to a broad range of residents, including singles, young couples, families and empty nesters.