Initial details revealed for Foundry Park plan taking over Lincoln Yards

Early details have been revealed for the proposed Foundry Park, the new development in the works for the former Lincoln Yards North site. Chicago-based developer JDL Development is teaming up with Kayne Anderson Real Estate to purchase the site from Bank OZK which retook ownership of the land from Sterling Bay who surrendered it earlier this year.

Expected to cost over $1 billion, the new scheme would cover almost 28 acres and potentially include 3,273 residential units, 350,000 square feet of office space, 435,000 square feet of retail space, 250,000 square feet of hospitality space and 12 acres of open space. 

Preliminary plans drafted by Hartshorne Plunkard Architecture show N. Southport Ave as the main corridor through the site with midrise and highrise residential buildings as well as a hotel flanking it. Higher density buildings would be situated near the intersection of N. Southport Ave and W. Cortland St as well as along W. Cortland St on the western side of the river. A mix of single-family homes and townhomes would be located along the river towards the northern end of the site.

Reported first by Crain’s, the plans were presented by the development team to local residential brokers with some images posted on social media. 

While the team is under contract to purchase the site, the proposal is in its early stages, needing several approvals from the City. The site’s Planned Development will need to be revisited and amended as well as the redevelopment agreement that governs the TIF funding for the site’s infrastructure. A timeline for those approval processes is unclear.