Almost seven years after the City Council approved the Lincoln Yards megadevelopment, which did not move forward, a revised plan for the site has received approval from alderpeople. The new project, named Foundry Park, will bring thousands of housing units along with retail and office spaces to an area mostly east and north of the Chicago River in Lincoln Park. Some buildings will also be constructed west of the river on Elston Avenue in Bucktown.
The land, previously industrial and vacant for years, was once slated for development by Sterling Bay. However, Sterling Bay’s plans were stalled due to the pandemic and financial issues. In July, JDL Development and Kayne Anderson Real Estate agreed to take over the northern section of Lincoln Yards after Sterling Bay surrendered it to a lender earlier in March. The southern part of Lincoln Yards is not included in Foundry Park; Novak Construction is reportedly purchasing that land as well as a life sciences building at 1229 W. Concord Place.
Foundry Park represents a scaled-back version compared to the original Lincoln Yards proposal, focusing more on housing and retail than office space. The project includes up to 3,737 residential units across apartments, condos, single-family homes, and townhouses. It will also feature about 350,000 square feet of office space and 420,000 square feet for retail and commercial use.
Plans call for Southport Avenue to be extended southward through Foundry Park to the Chicago River as its main commercial corridor. Other features include a new riverwalk, naturalized river edge areas, park spaces, and potentially an extension of the 606’s Bloomingdale Trail.
Last month the Chicago Plan Commission approved the proposal. On Tuesday this week it advanced through the City Council’s zoning committee before full council approval on Wednesday.
The first phase consists of four buildings located between Southport Avenue, Kingsbury Street and Cortland Street. The tallest building will reach 39 stories at Kingsbury and Cortland streets with office space, residential units and retail outlets according to current plans. A boutique hotel plus two residential buildings will border a large central square designed for community events such as farmers markets or winter ice skating.
Parking facilities include an underground garage providing spaces both for residents and over 300 public parking spots for visitors or shoppers in the area. JDL founder and CEO Jim Letchinger told officials last month that phase one would allocate 95 out of 709 total housing units as affordable onsite while five additional affordable units would be built elsewhere; an “in-lieu” payment exceeding $7 million will go into a city housing fund instead of constructing another required 42 affordable units.
Letchinger stated his vision involves “a mix of national retailers and locally owned businesses,” possibly subsidized by JDL itself. Designs by Hartshorne Plunkard Architecture show varying building sizes using different materials.
“This is intended to be a connection of Lincoln Park, Bucktown and Wicker Park,” Letchinger said last month. “We’re respecting the architecture that exists. The structures might be more modern, the spaces, the ceiling heights, the windows might be more current, but the masonry and the feel of that neighborhood will live on and be represented here.”
Alderman Brian Hopkins (2nd), whose ward previously covered this site, voted against approval citing loss of $800 million in public infrastructure improvements mandated under previous plans: he acknowledged Foundry Park is superior overall but could not support losing those improvements.
Support came from Mayor Brandon Johnson’s administration along with Alderman Scott Waguespack (32nd), who called it “a win since it also requires approval for future development phases.” Waguespack argued current infrastructure needs surpass previous agreements: “I think…that Chicago is still open for business…and despite the seven-year hiccup we’re moving in the right direction.”
Ciere Boatright from Chicago’s Department of Planning described Foundry Park as a “course correct” from earlier plans; she noted early discussions are underway about possible use of tax increment financing (TIF) funds for related infrastructure but provided no details.
“I’m excited about the scale. I’m excited about the number of units. I’m excited about open space and public amenities,” Boatright said last month. “It’s one thing to have a great plan. It’s another thing to have a plan that can be developed and actually move forward.”
Construction could start this fall if financing and permits are secured; Letchinger estimates completion may take around seven years.
