Chicago Approves Initial Funding for Foundry Park Along Southport Avenue

The massive Foundry Park redevelopment on Chicago’s North Side took a major step forward this week after the Chicago Community Development Commission approved an initial package of Tax Increment Financing (TIF) assistance for infrastructure and public space improvements.

The approval allows developers JDL Development and Kayne Anderson Real Estate to pursue approximately $201.5 million in public funding to support nearly $235 million in planned infrastructure investments across the former Lincoln Yards site. The proposal now advances to City Council for final consideration.

Foundry Park, which will transform more than 30 acres of former industrial land along the Chicago River, is replacing the northern portion of the stalled Lincoln Yards megaproject. The development has already secured zoning approvals and is expected to become one of the city’s largest mixed-use communities.

Infrastructure improvements funded through the TIF package would include new roads, parkland, riverfront enhancements, site preparation work, and an extension of The 606 trail featuring a new bridge connection. Developers will contribute roughly $33 million toward the overall infrastructure costs, with public improvements designed to support future phases of development.

The broader $3 billion project is planned to deliver more than six million square feet of residential, retail, office, hotel, and recreational space. Plans call for over 3,200 housing units, including affordable residences, along with hundreds of thousands of square feet of retail, commercial, and medical office space.

Construction is expected to begin with an approximately $800 million first phase centered around a new public park. That initial phase will feature four buildings ranging from eight to 38 stories, including a 520-foot tower that will become the tallest structure within the development. The first phase is expected to include 709 residential units, a 183-room hotel, office space, ground-floor retail, and nearly 100 affordable housing units.

Once complete, Foundry Park will create a new riverfront neighborhood connecting Lincoln Park and Bucktown while transforming one of Chicago’s largest remaining redevelopment sites into a walkable mixed-use district anchored by parks, public spaces, and year-round programming.