Additional renderings have been revealed as the Chicago Community Development Commission approves TIF funds for the upcoming Foundry Park megadevelopment. Sitting on the western edge of Lincoln Park, the project has already received approval from City Council and is set to replace the northern half of the former Lincoln Yards site.
Rendering of Foundry Park by HPA and Nudge Design
One of the largest missing pieces for the project was the reallocation of over $400 million in Tax Increment Financing (TIF) previously approved for Lincoln Yards. Now, Foundry Park developers JDL and Kayne Anderson have moved forward with their request for $201.5 million in TIF funding to support $234 million worth of infrastructure and parkland work across the entire property.
Rendering of Foundry Park by HPA and Nudge Design
Rendering of Foundry Park by HPA and Nudge Design
With the developers contributing $33 million toward the effort, the total funds will be roughly split between $7 million for site preparation, $70 million for roads, $121 million for parks, $13 million for riverfront work, and $21.5 million for an extension of The 606, including a new bridge. It is worth noting that not all of these elements will be built during the initial phase.
Site programing of Foundry Park by HPA and Nudge Design
The overall $3 billion project will deliver over six million square feet of space, making it relatively smaller than Lincoln Yards. This will include 3,207 residential units ranging from apartments to single-family homes, 350,000 square feet of office and medical space, hotel rooms, and 420,000 square feet of retail space spread across five phases.
Rendering of Foundry Park by HPA and Nudge Design
The first phase will cover a triangle-shaped lot bounded by an extension of North Southport Avenue and West Cortland Street. It will cost around $800 million to build and will sit atop a new site-wide underground parking garage with 777 spaces. Above this will rise four main structures arranged around a central park with year-round programming.
Basement – ground – tower plans of phase one of Foundry Park by HPA and Nudge Design
These structures will range from eight to 38 stories in height, including Foundry Park’s tallest building, which will top out at 520 feet. The phase will include a hotel tower with 183 rooms, retail and commercial space across the ground floors of all buildings, office space, and 709 residential units made up of apartments and condos. Of those, 95 will be provided as on-site affordable housing.
Rendering of Foundry Park by HPA and Nudge Design
Rendering of Foundry Park by HPA and Nudge Design
The team will also pay around $7 million into the city’s affordable housing fund to make up for the remaining required units. With the construction timeline looming, the developers will begin seeking construction financing next month and are expected to select a contractor soon after, according to Crain’s. No timeline is currently known for the remaining phases.
The TIF funds will now need to clear City Council prior to being fully approved. A more in-depth breakdown of the overall project can be found here.
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This is most significant. It’s our collective hope that the developer and the city Corporation Counsel include in its Redevelopment Agreement – linked development options for the Englewood District which received Lincoln Yards Garbage Transfer Station. In September, we will enter the third year of the City’s Cumulative Impact ordinance which was triggered by the prior land use planners for the Lincoln Yard. Nevertheless, the designs are beautiful and expansion of the 606 brings hope for the designs and full funding for the scheduled Englewood Nature Trail.
As I read of all the hotel rooms, amenities in this project and with the new Casino/hotel/residential construction, I can’t help but wonder if this will speed up the decline of the Loop. Maybe the Loop gets what it deserves, but if traffic (yes, people walking, cars, even bikes) in the Loop declines faster and further than expected, some of the new office to residential transitions may have a hard time making it. Ditto the older (but still attractive) hotels. I don’t see a real value in shifting the City center farther north.
I think this shifting away from the originally planned commercial usage of Lincoln Yards, to predominantly residential, lessens that risk. I would hope that, overall, this helps make Chicago a more attractive place to live, work, hire, and start a business.
how exactly is the Loop declining? maybe in terms of office space but it is growing as an actual neighborhood where people live. gained thousands of new residents in the last year or two
Instead of another 5 years of planning and negotiations, it’s great to see this huge project finally getting underway, more than 10 years after Finkl Steel was demolished and less than a year after JDL bought the site. Kudos to them for a buildable plan, with a mix of scales, designs and amenities that could make this a fantastic addition to Chicago.
The 606 extension will be so good for the city we’ll wonder how we ever lived without it.
This looks amazing! I’m glad they are being attentive towards the public realm as well and prioritizing open space. I really hope they activate the riverbank fully; such an underutilized natural asset to the city that is basically not used outside of downtown or a few parks.
Is there ways to improve public transit here and adjacent areas?