What is being built at the old Lincoln Yards site? A new development called Foundry Park. After years of empty land, JDL Development and Kayne Anderson Real Estate now own the northern part of the former Lincoln Yards site, and the City of Chicago has approved both the zoning and $201.6 million in public funding. The plan calls for up to 3,737 homes, parks, a riverwalk, a hotel, and shops on about 31 acres along the Chicago River, with construction expected to begin by the end of 2026.
If you own a home in Lincoln Park, Bucktown, or Wicker Park, or you are thinking about buying there, this is the biggest change coming to your part of the city. I have sold real estate in Chicago for more than 24 years, and in this guide I will explain what is actually approved, what is not in the plan, and what I would tell you about it as a buyer or a seller.
Foundry Park | What You Should Know |
|---|---|
Where it is | The former A. Finkl & Sons steel site along the Chicago River, between Lincoln Park and Bucktown |
Developers | JDL Development and Kayne Anderson Real Estate |
Size | About 31 acres, according to the City of Chicago |
Total plan | About $3 billion, up to 3,737 homes, and 970,000 square feet of office, retail, and hotel space |
Affordable homes | 20% of the homes must be affordable |
City funding | $201.6 million in tax increment financing approved by City Council on September 23, 2026 |
Phase 1 | 709 homes, a 183-room hotel, a central park, and 600 feet of riverwalk |
Timeline | Construction expected to start by the end of 2026, Phase 1 around 2031, full build-out around 2034 to 2036 |
The original Lincoln Yards plan came from Sterling Bay, which bought the land in 2017 and won City Council approval in 2019 for a much larger project of about $6 billion. Over the next few years the plan stalled. Sterling Bay had to pay for roughly $500 million in roads and other infrastructure up front, and the pandemic and higher interest rates made that much harder.
In 2025, Sterling Bay handed the northern part of the site to its lender, Bank OZK. JDL Development and Kayne Anderson bought it later that year for $84 million. The Chicago Plan Commission approved the new Foundry Park plan on January 15, 2026, City Council approved the zoning on February 18, 2026, and City Council approved the public funding on September 23, 2026. The southern part of the old site is owned separately by Novak Construction, which has not announced a plan.
The first phase is the part you will see first, so it is the part most nearby owners should pay attention to. It sits in the triangle bounded by Southport Avenue, Cortland Street, and Kingsbury Street.
Phase 1 at a Glance | Details |
|---|---|
Location | The triangle bounded by Southport Avenue, Cortland Street, and Kingsbury Street |
Cost | About $1 billion |
Homes | 709 homes in three residential buildings, 95 of them affordable |
Tallest building | 38 stories, about 520 feet |
Hotel | 183 rooms |
Parking | 777-space underground garage |
Outdoor space | A central park and 600 feet of riverwalk |
The full plan includes about 3,690 apartments and condos, 28 townhomes, 19 single-family homes along the river, and a hotel. Most of those homes come in later phases, so the neighborhood will change in steps over roughly ten years, not all at once.
The $201.6 million comes from the Cortland and Chicago River tax increment financing district, often called a TIF. In plain English, the developer pays to build the public pieces first, and the city pays it back later from the growth in property taxes inside the district. The money goes to public improvements, not to the private buildings.
City Funding Item | Amount |
|---|---|
Roads and utilities | $70.9 million |
New parks | $69 million |
River frontage | $33.5 million |
606 Trail extension | $21.5 million |
Site preparation | $6.9 million |
These line items add up to $201.8 million, slightly more than the $201.6 million total the city announced, so I treat the difference as rounding in the city's figures. For homeowners nearby, the most interesting line is the 606 extension. The City of Chicago's transportation department said the first phase of that work was expected to start construction in fall 2026, with a new bridge over the river.
A few things that were part of the conversation about Lincoln Yards are not part of Foundry Park, and buyers ask me about them often.
At the time of research, I have not seen any reliable data on how Foundry Park will affect home values nearby, and I would be careful with anyone who claims to know. What I can tell you is how buyers react to projects like this. They pay for what exists today, and they give you only a little credit for promises that are years away.
If you plan to sell in the next year or two, the parks, riverwalk, and 606 extension are worth mentioning to buyers, but they should not change your list price. Price your home on recent sales near you, the way it sits today. My post on how to price your home to sell in Chicago walks through how I do that.
If you plan to stay for five years or more, the long-term picture is more interesting. A large, empty industrial site next to your neighborhood is slowly becoming parks, riverfront, and homes, and that usually helps the blocks around it once the work is done. The trade-off is several years of construction, trucks, and traffic near Cortland, Kingsbury, and Elston, so expect some disruption before you see the benefit.
If you are looking in Lincoln Park or Bucktown near the river, ask a few extra questions before you write an offer. Which way does the unit face, and will a new tower block the view? How close is the home to Cortland or Kingsbury, where construction traffic will be heavy? And how do you get downtown today, since the Metra station and new car bridge are not coming?
Thousands of new homes will also mean more choices for buyers over time. Most of them will not arrive for years, so they should not change what you pay for a home today, but they are worth knowing about if you are comparing new construction with an older home nearby. If you are moving up within the area, my post on whether to buy first or sell first in Lincoln Park may help.
Part of Foundry Park sits next to Bucktown, just across the Kennedy Expressway. If you are thinking about buying on that side, my post on living in Bucktown covers what homes sold for in 2026, the types of homes, the 606, and the Blue Line.
The next big step is the start of construction on Phase 1, which the city and developer expect by the end of 2026. At the time of research, I had not seen a groundbreaking date. A proposal to remove landmark status from the Cortland Street Bridge was introduced in City Council on September 23, 2026, and supporters of keeping the bridge car-free are holding a community event there on Sunday, October 18, 2026. I will keep watching both and update this post as dates are set.
When you choose an agent, look for numbers you can verify. Here are mine:
You also work with me directly from the first call to the closing table. If you are thinking about selling a higher-end home near the project, my luxury home seller page explains how I market and price it.
Foundry Park is a planned development by JDL Development and Kayne Anderson Real Estate on the northern part of the former Lincoln Yards site, along the Chicago River between Lincoln Park and Bucktown. The plan allows up to 3,737 homes and 970,000 square feet of office, retail, and hotel space on about 31 acres.
Yes. The Chicago Plan Commission approved it on January 15, 2026, City Council approved the zoning on February 18, 2026, and City Council approved $201.6 million in public funding on September 23, 2026.
The city and the developer expect construction on Phase 1 to begin by the end of 2026. Phase 1 is expected to be finished around 2031, and the full project around 2034 to 2036.
No. The Chicago Fire stadium is planned for The 78 in the South Loop, not at Foundry Park.
No. The Metra station from the earlier Lincoln Yards plan is not part of Foundry Park. The developer has talked about a private shuttle to nearby CTA and Metra stops.
At the time of research, there is no reliable data on that yet. New parks, riverfront, and the 606 extension usually help nearby blocks once they are finished, but buyers mostly pay for what exists today, so I would not change a list price based on the plan.
I am Dee Savic, a Chicago Realtor® with Baird & Warner. I have more than 24 years of experience, more than 300 closed transactions, over $100 million in career sales, and more than 190 five-star reviews across Google, Zillow, Realtor.com, and FastExpert. You can reach me directly at 773.719.0989.
If you own nearby and want to know what your home would sell for today, start with a free home value review. If you are buying, start with my free Chicago Buyer's Course. You can also schedule a complimentary and confidential consultation, or call or text me directly at 773.719.0989.
Sources: City of Chicago, September 23, 2026; Chicago Sun-Times, February 18, 2026; Urbanize Chicago, January 16, 2026; Axios Chicago, July 28, 2026; Streetsblog Chicago, October 6, 2026. Reported figures vary slightly between sources. Accurate at the time of research, deemed reliable but not guaranteed.
Dee Savic is a Realtor® with Baird & Warner, a 24+ year real estate professional, and a 27+ year Chicago resident with 300+ closed transactions and over $100 million in career sales. She has more than 190 five-star reviews across Google, Zillow, Realtor.com, and FastExpert, was featured in Chicago Agent Magazine's Who's Who in Chicago Real Estate in 2021, 2024, and 2026, and is a multiple-time recipient of the Chicago Association of REALTORS® Top Producer and Outstanding Sales Achievement awards. She helps buyers, sellers, and relocation clients across Chicago, including Lakeview, Lincoln Park, Lincoln Square, Ravenswood, North Center, Roscoe Village, Andersonville, Uptown, Bucktown, Wicker Park, and the Gold Coast.
Dee Savic
Realtor® | Baird & Warner
4553 N. Lincoln Ave, Chicago, IL 60625
773.719.0989
[email protected]
deesavic.com
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