Foundry Park breaks ground on former Finkl Steel site, a smaller successor to Lincoln Yards

Developers broke ground last week on Foundry Park, a housing-focused development planned for the former A. Finkl & Sons steel property in Lincoln Park, after years in which the riverfront land sat empty.^{1, 2} Mayor Brandon Johnson and Scott Waguespack, the alderman for the 32nd Ward, which includes the site, spoke at the ceremony.^{1, 2}

The 31-acre site along the Chicago River was once part of Lincoln Yards, the much larger plan the City Council approved in 2019 that never came to be.^{1, 2} Foundry Park is a scaled-down successor to that plan, Block Club Chicago reported.¹

What is planned

JDL Development and Kayne Anderson Real Estate plan up to 3,737 homes, including apartments, condominiums, townhouses and single-family homes, Block Club reported.¹ The plans also include stores, offices, a boutique hotel, parks and a public riverwalk.^{1, 2}

The first phase calls for four buildings on a triangle of land bounded by Southport Avenue, Kingsbury Street and Cortland Street.¹ The tallest, at Kingsbury and Cortland, would rise 39 stories, according to Block Club.¹ The first phase is expected to be finished in 2029, ABC7 Chicago reported, and the full development is projected to be complete by 2034, according to Block Club.^{1, 2}

The design extends Southport Avenue south to the river and adds a central square for events such as farmers markets and ice skating, Block Club reported.¹ An extension of the 606 trail across the river is part of the broader vision, though it has not been confirmed, according to Block Club.¹

The public money

In September, alderpeople approved a redevelopment agreement that includes about $201.6 million in tax increment financing for infrastructure, Block Club reported.¹ The developers are contributing about $33 million, for planned costs of about $235 million, and roughly $71 million of the public money is set for roads and utilities, according to Block Club.¹

The original Lincoln Yards plan carried public financing of up to $1.3 billion, Block Club reported.¹

“When it is complete, we will offer at least 2,500 permanent job opportunities,” Johnson said, according to ABC7.²

How the site got here

Finkl operated on the site for 112 years, according to Block Club, and the steel plant closed in 2014, ABC7 reported.^{1, 2} Developer Sterling Bay planned Lincoln Yards across more than 50 acres on both sides of the river.¹ The project struggled to secure financing, and Sterling Bay built only one building on the site, a life sciences center at 1229 W. Concord Place that never found a tenant, Block Club reported.¹

In March 2025, Sterling Bay surrendered the northern part of the property to its lender, Bank OZK, and in July 2025 JDL and Kayne Anderson announced a deal to acquire that section, according to Block Club.¹ The City Council approved Foundry Park’s zoning early this year.¹

Waguespack, who opposed the original Lincoln Yards proposal, supported Foundry Park, Block Club reported.¹ “This is going to be a project that the surrounding neighborhoods look forward to,” he said at the ceremony.¹

“When I saw an opening to get involved with this incredible piece of land, I jumped at it,” JDL founder and CEO Jim Letchinger said, according to Block Club.¹ ABC7 reported that the developers plan to reuse relics from the steel plant in the public areas.² Ward Miller, executive director of Preservation Chicago, told the station, “This is part of our history.”²

The southern part of the former Lincoln Yards site, west and south of the river, was recently bought by Novak Construction, which has not made its plans public, Block Club reported.¹