Key Points
- $3B mixed use megadevelopment approved by Chicago City Council
- Plans call for 3,690 apartments and condos, 19 single family homes, 28 townhomes
- Includes 420K SF retail, 350K SF office, 180 to 200 key hotel and 8.5 acres of open space
The Approval
The Chicago City Council has approved Foundry Park, a $3 billion mixed-use redevelopment led by JDL Developmentand Kayne Anderson Real Estate. The 28-acre project will rise on land previously tied to the stalled northern portion of Lincoln Yards. With zoning secured, the developers will move forward under a Planned Development amendment that reshapes the long-dormant riverfront site. JDL’s Jim Letchinger confirmed financing is in place through its partnership with Kayne Anderson, with plans to break ground on the $800 million first phase in October.
Scale and Density
Foundry Park is designed by Hartshorne Plunkard Architecture and will deliver nearly 3,700 residential units across multiple subareas.
The program includes:
- High-rise apartment and condo towers up to 520 feet
- Riverfront single-family homes and townhomes
- 180 to 200 hotel rooms
- 420,000 square feet of retail
- 350,000 square feet of office
One third of the site, about 8.5 acres, will be dedicated to parks, riverwalk extensions, and open space designed by Nudge Design.
Phasing Strategy
Phase 1 focuses on Subarea D, a triangular parcel near Southport and Cortland. Four buildings will rise first, including a 38-story mixed-use tower with grocery-anchored retail, office space, apartments, and condos. Other subareas step down in density along the river, integrating townhomes, mid-rise residential, and additional towers up to 450 feet. A 35-story, 500-unit tower and 12 story office building are also planned west of the river. The phased approach allows JDL to deliver the product in stages while adjusting to market demand.
Why It Matters
Chicago has seen large-scale projects stall in recent years due to financing gaps and slower office demand. Foundry Park moving forward signals renewed confidence from institutional capital. With Kayne Anderson providing financial backing and JDL controlling execution, the project blends rental housing, for-sale units, retail activation, and office components in a diversified revenue model. For landlords, this is a major riverfront bet in a supply-constrained corridor that could reset residential density on the North Branch.
Investor Takeaway
Foundry Park replaces uncertainty at the Lincoln Yards site with a funded, phased development backed by institutional capital. At nearly 3,700 units and billions in planned investment, JDL and Kayne Anderson are making one of the largest residential-driven bets in Chicago. If leasing velocity holds, this could become the city’s next transformative mixed-use district.