After years of ambitious plans, delays and uncertainty along the North Branch of the Chicago River, a new chapter is beginning. A groundbreaking ceremony is scheduled for Wednesday, October 21, for Foundry Park, a $3 billion mixed-use neighborhood planned for the former A. Finkl & Sons steel mill property near Southport Avenue and Cortland Street.
The development replaces the northern portion of the once-promised Lincoln Yards project, bringing a new vision for housing, businesses, public parks and access to the riverfront.
What is planned for Foundry Park?
- More than 3,700 residences across the full development
- Approximately 970,000 square feet of combined office, retail and hotel space
- Public parks, green space and riverfront access
- A planned extension of The 606 Trail across the North Branch
- More than 2,500 permanent jobs anticipated upon completion
The project will be developed in phases, so today’s groundbreaking does not mean every building and public amenity will appear at once. Construction timelines and the final mix of tenants will be worth watching.
From Finkl Steel to a new neighborhood
For generations, this stretch of the Clybourn Corridor was industrial. Finkl Steel operated near Southport and Cortland until moving its operations to the South Side in 2014. The former mill property later became part of Sterling Bay’s proposed $6 billion Lincoln Yards development, a sweeping plan that ultimately failed to materialize.
Foundry Park, led by JDL Development and Kayne Anderson Real Estate, represents a fresh attempt to transform the site. Its name nods to the land’s manufacturing history, even as the plans envision an entirely different future.
Public investment — and public questions
In September, Chicago City Council approved $201.6 million in tax increment financing (TIF) funds for public infrastructure associated with Foundry Park. Roads, parks and connectivity are critical to turning an isolated former industrial property into a functioning neighborhood.
But the investment also raises questions familiar from the Lincoln Yards debate: How quickly will infrastructure arrive? How much housing will be affordable? What will the additional traffic mean for nearby streets? And will the promised public riverfront and trail connections become reality?
Why this matters beyond the development site
Although Foundry Park sits south of Lakeview, its location along Southport Avenue and the river could reshape how residents move between Lincoln Park, Bucktown and nearby North Side neighborhoods. A successful 606 extension and publicly accessible riverfront could make the area a destination rather than simply another cluster of buildings.
The groundbreaking is a milestone, not a finished neighborhood. After the collapse of Lincoln Yards, the real test will be whether Foundry Park delivers on its promises — and how much of the public benefit arrives alongside the private development.
What do you think?
Is Foundry Park the fresh start this stretch of the Chicago River needs, or are you concerned about the scale, traffic and public financing? Tell us in the comments.
Source: CBS Chicago, October 21, 2026.