$3 Billion Foundry Park Project Breaks Ground in Chicago, USA

en.Wedoany.com Reported - On October 21, the City of Chicago held a groundbreaking ceremony for Foundry Park, a large-scale mixed-use development project. The project is jointly developed by JDL Development and Kayne Anderson Real Estate, with a total investment of approximately $3 billion, and is planned to include more than 3,700 residential units as well as commercial, office, hotel, and public green space facilities. The project is located on the north portion of the former Lincoln Yards development site along the North Branch of the Chicago River. The first phase involves an investment of approximately $1 billion and will build residential units, commercial space, underground parking facilities, and supporting public spaces.

The Foundry Park project covers a development area of approximately 31 acres (12.5 hectares), including the site of the former Finkl Steel mill. The master plan includes approximately 970,000 square feet (about 90,100 square meters) of office, retail, and hotel space, with about 20% of the residential units designated as affordable housing. The building cluster features a mix of different heights, with the tallest building at approximately 40 stories, and includes a waterfront promenade and open spaces facing the Chicago River. The project also plans to extend the city's 606 trail and build pedestrian and cycling facilities connecting surrounding communities.

The first phase is concentrated around Southport Avenue, Cortland Street, and Kingsbury Street, including residential buildings, retail space, public green space, and underground parking facilities. The development plan also includes a 183-room hotel, with architectural design by Hartshorne Plunkard Architecture. The first phase is expected to be completed in 2028, with subsequent residential and commercial facilities to be built in phases according to the project schedule.

The project's supporting public infrastructure has received approximately $201.6 million in tax increment financing support approved by the Chicago City Council. The funds are mainly used to improve existing roads such as Southport Street and Cortland Street, and to build new public access facilities. This funding is public infrastructure construction support and is not equivalent to new commercial financing for the $3 billion total project investment.

Foundry Park received preliminary approval from the Chicago Plan Commission in January 2026, and the developer began on-site construction in October of the same year. The project plans to build approximately 8 acres of public green space and is expected to create approximately 2,500 jobs.