TIF Funding Approved for Public Infrastructure at Foundry Park

TIF Funding Approved for Public Infrastructure at Foundry Park

City Council today approved $201.6 million in public infrastructure funding for the 31-acre Foundry Park mixed-use development site along the North Branch of the Chicago River.

Consisting of new public roadways, utilities and open space amenities near Southport Avenue and Cortland Street, the improvements will enable construction of up to 3,737 mixed-income residences and 970,000 square feet of office, retail and hotel space within the $3 billion Foundry Park project planned by JDL Development and Kayne Anderson.

The funding would be provided as reimbursements as each infrastructure component is completed by the development team. Infrastructure costs approved for TIF reimbursement include:

• $70.9 million for roadways and utility construction
• $69 million for new parks
• $33.5 million in river frontage improvements
• $21.5 million for a 606 Trail extension
• $6.9 million for site prep and general expenses

The site - largely occupied by A. Finkl & Sons steel company buildings until they were razed in 2015 - is currently generating about $1.5 million in annual property taxes. As Foundry Park construction phases are completed, annual tax revenues are estimated at $30.5 million in 2031 and $68 million in 2036.

The approximately $1 billion initial phase is planned to start this fall with improvements to Kingsbury and Cortland streets, Southport Avenue, 600 feet of riverwalk and a centralized park space.

Initial vertical development is planned to include three residential buildings with 709 mixed-income units, a 183-key hotel and a 777-space underground parking garage.

Construction is expected to employ approximately 700 people annually for the next 10 years. More than 2,500 permanent jobs are anticipated upon full buildout.

A previous $487.8 million public infrastructure plan with developer Sterling Bay was terminated by DPD in March 2026 after the 55-acre Lincoln Yards project did not advance.

Funding will be provided through the Cortland and Chicago River TIF District.