Chicago’s northern Lincoln Yards site is getting a reset. JDL Development and Kayne Anderson Real Estate have proposed Foundry Park, a 28-acre redevelopment at 1229 W. Concord Place that would transform former industrial land into a mixed-use community.
The plan includes 3,273 residential units, 350,000 square feet of office space, 435,000 square feet of retail, 250,000 square feet of hotel space, and 12 acres of open space. It’s a scaled-down version of Sterling Bay’s original 14.5 million-square-foot vision, reducing density and costly infrastructure while shifting focus toward housing and amenities.
City planners have asked the developers to swap single-family homes along the river for multifamily towers to better activate the public riverwalk. The project may also avoid funding the previously proposed north-south bridge, though it must coordinate on improvements to the Armitage/Ashland/Elston intersection, extension of the 606 Trail, and future transit along Kingsbury Street.
For investors and commercial real estate agents, Foundry Park reflects how stalled megadevelopments can be revived by right-sizing density, prioritizing housing, and converting former sub-optimal plans into vibrant, walkable neighborhoods.