After years of false starts, the riverfront land where Lincoln Yards was supposed to rise finally has a groundbreaking. Elected officials, developers and city leaders gathered Wednesday, Oct. 21, under a white tent on the site to celebrate the start of Foundry Park, a scaled-down, housing-focused plan for the long-stalled property, Block Club Chicago reported.
Backed by JDL Development and Kayne Anderson Real Estate, Foundry Park is planned to bring thousands of homes, parks, retail and a public riverwalk to the land. Construction is expected to continue through the next decade, with the full development projected to take shape by 2034.
For Chicago contractors, that's a decade-long pipeline of vertical, infrastructure and site work on one of the city's biggest open pieces of land.
From Lincoln Yards to Foundry Park
The 31-acre property was home to A. Finkl & Sons steel for 112 years, Block Club reported. In 2019, Sterling Bay won City Council approval for Lincoln Yards, a much larger plan spanning more than 50 acres on both sides of the river, backed by a public financing package of up to $1.3 billion.
The project struggled to secure financing, especially during and after the pandemic. Sterling Bay built just one building, a life sciences center at 1229 W. Concord Place that never found a tenant. In March 2025, it surrendered the northern portion of the property to its lender, Bank OZK.
JDL and Kayne Anderson announced a deal to acquire that section in July 2025, pitching less office space and more apartments, condos, retail and public space. City Council approved Foundry Park's zoning in early 2026, and in September alderpeople approved a redevelopment agreement with about $201.6 million in tax increment financing for infrastructure. Block Club reports the developers are contributing about $33 million toward roughly $235 million in planned costs.
JDL CEO Jim Letchinger credited the city and his partners with moving the project from idea to approved plan in less than seven months.
What's planned
According to Block Club, Foundry Park will bring as many as 3,737 homes, along with retail, office space, a boutique hotel, parks and a public riverwalk. The mix includes apartments and condominiums, plus a smaller number of single-family homes and townhouses.
The plan is built around extending Southport Avenue south to the river to create a commercial corridor. The river's edge would be naturalized with plants and trees, and more than eight acres of open space are planned. A possible extension of the 606 trail over the river remains part of the broader vision.
Phase one
The first phase includes four buildings in a triangle between Southport Avenue, Kingsbury Street and Cortland Street. The tallest, at Kingsbury and Cortland, is planned to rise 39 stories with residential, office and retail space. Two residential buildings and a boutique hotel will surround a central square meant for farmers markets and winter ice skating.
Block Club reports the project will include underground parking, bike and transit amenities, bird-friendly windows, green roofs and native landscaping. About $71 million of the public financing is set aside for roads and utilities, with more for public spaces and the possible trail extension.
What they said
"Today, we are transforming this vacant riverfront space, once home to industrial activity, into a home for more Chicagoans," Mayor Brandon Johnson said.
Ald. Scott Waguespack (32nd), who opposed Lincoln Yards but supported the new plan, said, "We're ecstatic about it and looking forward to all the amenities that will come with it."
What's still unknown
The land west and south of the river remains an open question. Block Club reports that southern section was recently bought by Novak Construction, which hasn't made its plans public. The report did not name a general contractor for Foundry Park's first phase.
Why it matters for contractors
This is a generational job for Chicago. A 39-story mixed-use tower, a hotel, mid-rise residential, underground parking and a decade of follow-on phases mean work for high-rise concrete and steel crews, curtain wall and glazing, MEP trades, elevator installers and interior finishers.
The $71 million for roads and utilities, plus riverwalk, park and naturalized riverbank work, opens doors for heavy civil, utility, and landscape contractors too. Green roofs and bird-friendly glass call for specialty subs. Contractors who want in should watch for JDL's construction partner announcements and the phase-one bid packages.