Foundry Park $3B Megadevelopment Breaks Ground in Chicago at Former Lincoln Yards Site

Chicago officials and developers broke ground Wednesday on Foundry Park, a 31-acre mixed-use project on the former Lincoln Yards site along the Chicago River's north branch, with an estimated total cost of roughly $3 billion across more than 6 million square feet. The first phase is expected to deliver three residential buildings totaling 709 rental and condo units and a 183-key hotel by early 2029, followed by a senior living building and other residential developments. JDL's Jim Letchinger said the team is finalizing construction loan partners for financing nearing $500 million and will begin with its own capital. The project emerged after a joint venture of Dallas-based Lone Star Funds and Chicago-based Sterling Bay conceded a substantial portion of the site to lender Bank OZK in March 2025. JDL and Kayne Anderson acquired the northern 31 acres for an estimated $80 million, below the $125 million owed to the lender. The approved plan envisions 3,690 apartments and condos, 19 single-family homes, 28 townhomes and roughly 420,000 square feet of retail.