Chicago's long-awaited Foundry Park development has cleared a major hurdle with the Chicago Plan Commission's backing for the project. The proposal, backed by JDL Development, will bring around 3,737 homes, including 20% affordable units, to the 34-acre site along the North Side of the city.
The plan has garnered praise from residents and commission members alike for its scaled-back approach, which compares favorably to Sterling Bay's abandoned Lincoln Yards project. The JDL proposal includes low- to mid-rise buildings, some for offices, designed to blend in with open space and riverfront access. Ground-floor retail will also be incorporated into the development.
The project's lead developer, Jim Letchinger, hopes to begin construction in late 2026, with a projected cost of $800 million. He envisions a neighborhood that invites people to visit and shop, connecting Foundry Park to surrounding residential areas. While the tallest building will stand at around 40 stories, single-family homes will also be included.
Letchinger emphasized his commitment to keeping community engagement in mind, stating, "Not only are we not gating the community, we are inviting the community." He has secured funding through partner Kayne Anderson Real Estate and is confident about long-term backing for the full project. Letchinger predicts that construction will take approximately seven years.
While there's still much to be decided regarding tax-increment financing (TIF) support from the public, Ciere Boatright, Chicago's planning commissioner, expressed admiration for Letchinger's proposal. However, the TIF discussions are still in their early stages.
Criticism has been raised by some groups, including North Branch Works and Sheffield Neighborhood Association, about a lack of specificity regarding public improvements and infrastructure funding.
In related news, the commission unanimously approved zoning changes for the conversion of the Universal Overall Co. building into 111 residences, with construction of a nearby 27-story building that will feature 214 units.
The development is slated to receive less TIF support than Sterling Bay's Lincoln Yards project, which was ultimately abandoned last year.
The plan has garnered praise from residents and commission members alike for its scaled-back approach, which compares favorably to Sterling Bay's abandoned Lincoln Yards project. The JDL proposal includes low- to mid-rise buildings, some for offices, designed to blend in with open space and riverfront access. Ground-floor retail will also be incorporated into the development.
The project's lead developer, Jim Letchinger, hopes to begin construction in late 2026, with a projected cost of $800 million. He envisions a neighborhood that invites people to visit and shop, connecting Foundry Park to surrounding residential areas. While the tallest building will stand at around 40 stories, single-family homes will also be included.
Letchinger emphasized his commitment to keeping community engagement in mind, stating, "Not only are we not gating the community, we are inviting the community." He has secured funding through partner Kayne Anderson Real Estate and is confident about long-term backing for the full project. Letchinger predicts that construction will take approximately seven years.
While there's still much to be decided regarding tax-increment financing (TIF) support from the public, Ciere Boatright, Chicago's planning commissioner, expressed admiration for Letchinger's proposal. However, the TIF discussions are still in their early stages.
Criticism has been raised by some groups, including North Branch Works and Sheffield Neighborhood Association, about a lack of specificity regarding public improvements and infrastructure funding.
In related news, the commission unanimously approved zoning changes for the conversion of the Universal Overall Co. building into 111 residences, with construction of a nearby 27-story building that will feature 214 units.
The development is slated to receive less TIF support than Sterling Bay's Lincoln Yards project, which was ultimately abandoned last year.
finally, Chicago gets its act together and builds something that doesn't look like a soulless skyscraper farm... foundry park seems actually kinda cool, low-mid rise buildings for offices and retail? who knew the city wanted to be a bit more chill? 
20% affordable units is nice too, but can they please just finish it already? seven years of construction? that's like me trying to edit my life story... 
I'm all for Foundry Park finally moving forward! 
The scaled-back approach sounds like a breath of fresh air, and the mix of residential, office, and retail spaces is gonna make that area super lively 
. I'm curious to see how they'll balance affordability with community engagement though - can't wait to hear more about those 20% affordable units 
. Also, gotta wonder if the seven-year construction timeline will stick... fingers crossed it doesn't drag on too long 
.
! The scaled-back approach for this project is a win-win – it'll bring in more affordable homes while still offering some office space and community areas. I think it's awesome that the lead developer, Jim Letchinger, is making sure the community is involved throughout the whole process. Not gating the community, but inviting them to visit and shop? That sounds like a total game-changer for the area 
. Also, low-rise buildings sound pretty cool, not sure about all the offices tho 
. Can't wait to see what it's like when they finally break ground in 2026 
. Hope it brings some life to that spot along the riverfront 
the idea of having more affordable units is super important too, 20% of homes being included will definitely help out some families 
... Like, can't we just get the actual progress on something around here? The fact that they're scaling back the original plan to avoid comparisons to that other botched Lincoln Yards project is kinda a cop-out in my book 
. What really gets me is how long it's gonna take – 7 whole years for construction? That's like, an eternity 
. And $800 million? Can't they just get their act together and make some real progress instead of dragging this out forever? 
. Seven years of construction is a bit long, though - wish 'em luck!
... remember when we could just build stuff without worrying about all the bells and whistles? Like, a 34-acre site for 3,737 homes and it's still gonna be better than some other project that got shut down 
. I mean, we're still gonna need to figure out TIF and all that... it's like the city is trying to balance progress with what's good for the community 
... if they can just get it done on time without breaking the bank