en.Wedoany.com Reported - A large mixed-use development project along the North Branch of the Chicago River is about to break ground. Named "Foundry Park," it evokes the industrial history of the land. This mixed-use development is expected to commence construction in October 2026, replacing the previously stalled Lincoln Yards plan due to financing difficulties.
The name "Foundry" originates from the Finkl Steel plant that once occupied the site. Local developer JDL Development, in partnership with Cain Anderson Real Estate, has significantly revised the original $6 billion Lincoln Yards proposal. JDL President Jim Letchinger told the Chicago Plan Commission that the original plan was "much denser and had much larger buildings," while the new plan "significantly reduces density." This mixed-use development plan has undergone thorough community review and was approved by the Plan Commission in January 2026.
The new plan will feature approximately 40-story glass towers along the riverfront, while interior areas will primarily consist of low- and mid-rise buildings, harmonizing with the character of existing neighborhoods like Bucktown and Lincoln Park. The project will include about 3,300 residential units, with 20% designated as affordable housing, along with ground-floor retail, a boutique hotel, a half-mile riverfront walkway, and two acres of public space. With an initial investment of $800 million, the entire community is expected to be completed within seven years, becoming a significant mixed-use development area along the North Branch of the Chicago River.
Kyle Al-Kodmany, a professor of urban planning at the University of Illinois Chicago, analyzed that post-pandemic office demand adjustments, rising construction costs, and tightening financing have prompted developers to adopt a more cautious phased strategy. This mixed-use development project, by introducing a finer street network, improving pedestrian and bicycle facilities, and activating the riverfront area, helps connect previously fragmented zones.
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