The $3B Foundry Park project promises to radically reshape Chicago’s Lincoln Park skyline. Over the past four years, JDL Development and Kayne Anderson have been working on the 31-acre riverfront that was once home to Finkl Steel, officially breaking ground Wednesday. This is a huge project replacing the grand-scale but never realised Lincoln Yards project which was dogged for years by problems.
When complete, the costs are expected to be $3 billion, making it one of the most significant undertakings in the city’s history. The ceremony was attended by Mayor Brandon Johnson, who expressed his admiration on the job creation opportunity. Johnson proudly announced that we will have at least 2,500 permanent jobs when it’s finished. The city of Chicago is now transforming this old industrial corridor into a vibrant residential community that will speak for the city’s manufacturing past.
Another major project aiming to reshape a city’s skyline is the 350 Park Tower project in Manhattan. The project in Manhattan has officially moved forward with its massive financial backing. In particular, billionaire Ken Griffin’s Citadel, Vornado Realty Trust and Rudin secured a massive $3.3 billion construction loan.
Outlook on the Foundry Park Project in Lincoln Park
The cost of the initial infrastructure is staggering for such a mega-project. Urban planners have been saying for years that the roads in the city are not adequate to carry thousands of new people. Thus, the Chicago City Council recently approved a massive $201.6 million Tax Increment Financing (TIF) subsidy. This essential reimbursement will cover the cost of redevelopment of essential streets, bridges and utilities in the previously inaccessible area.
The ambitious first phase is projected to produce three large residential developments with 709 apartments and condos by early 2029. In addition, the developers intend to build a 183-key hotel, and a large open, public area. Finally, JDL hopes to provide more than 3,700 dwellings, 20 percent of which will be devoted to affordable housing units.
Preserving History While Enhancing the Riverfront
Community heritage is a key issue for JDL Development as urban development becomes more compact. The Foundry Park is named and its wild leek symbol explicitly recognize the rich Indigenous and steel-working past of the park. The industrial relics to be salvaged and placed strategically throughout the next public plazas will be incorporated is confirmed by developer Jim Letchinger.
In addition, the authorized infrastructure package sets aside $33.5 million in funds to be specifically applied to the improvements to the Chicago River frontage. It also allocates more than $21 million to essentially double the popular 606 Bloomingdale Trail on top of the river. Though these are public tributes to the original steel buildings, historic preservationists are sad that the structures are falling into disrepair, but glad these public gestures are being made.
Project Overview
- Project Value: Estimated $3 Billion Total ($235M Initial Infrastructure)
- Location: Former A. Finkl & Sons Steel property, Lincoln Park, Chicago
- Developer: JDL Development & Kayne Anderson Real Estate
- Status: Groundbreaking completed; first phase targets early 2029
Scope
- Up to 3,737 new residential units (apartments, condos, townhomes, single-family)
- Over 970,000 square feet of office, retail, and hotel space
- More than 10 acres of open parks and public riverwalks
- Extension of the 606 Bloomingdale Trail over the Chicago River
Project Highlights
- Replaces the failed Lincoln Yards mega development on the 31-acre site
- Expected to contribute $1 billion in citywide property taxes by 2056
- Promises to create 2,500 permanent jobs, five times the former steel factory’s workforce
- Dedicates a strict 20 percent of all residential units to affordable housing
Key Developments
- JDL Development and Kayne Anderson officially broke ground on Wednesday
- Chicago City Council approved a $201.6 million Tax Increment Financing (TIF) subsidy in September
- The developers acquired the defaulted northern portion of the land for approximately $80 million
- The first phase will construct three residential buildings and a 183-key hotel
Key Challenges
- Rebuilding and redesigning decades-old industrial streets that were previously closed to the public
- Integrating massive new population densities without overwhelming existing neighborhood traffic
- Honoring the site’s 100-year industrial history while also constructing modern luxury high-rises
Outlook
- The first phase of residential and hotel construction will conclude by early 2029
- Following phases will introduce senior living, townhomes, and also extensive retail spaces
- The completed extension of the 606 Trail will massively boost pedestrian connectivity
- By 2043, the property will also contribute $70 million annually to citywide property taxes
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