Foundry Park developers broke ground on a megaproject slated to bring thousands of apartment units and a host of other buildings to the North Side.
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JDL Development and Kayne Anderson Real Estate held a groundbreaking ceremony Wednesday with city officials to kick off the first phase of the highly anticipated $3B development. The first phase carries a $1B price tag, according to the city.
"Foundry Park is a transformative project that leverages its unique, riverfront location between Lincoln Park, Logan Square, and West Town," Ciere Boatright, commissioner for the Department of Planning and Development, said in a statement.
JDL purchased the land for Foundry Park from Bank OZK for about $84M in October 2025. The land has long been sought after, as it was formerly the northern portion of Sterling Bay’s former Lincoln Yards tract, a megadevelopment that failed to get off the ground.
PEOPLE
Gov. JB Pritzker appointed Draper and Kramer Chief Financial Officer James Hayes to the state's Teachers’ Retirement System Board of Trustees. Once confirmed by the state senate, Hayes will join a 15-member board that provides oversight and strategic direction for one of the largest public pension systems in the country.
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Heitman appointed Dan Butler as senior vice president, consultant relations, within the firm's client service and marketing group. In this role, Butler will focus on relationship management and business development efforts with key investment consultants. Butler comes to the firm with almost two decades of real estate investment experience.
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Becknell Industrial appointed Matt Neumann to the newly created role of senior vice president, national accounts director. In the role, Neumann will lead the development and management of relationships with industrial occupiers and help to originate build-to-suit opportunities across North America. Neumann served as head of leasing at Becknell for the past four years.
SALES
Phillips Edison Co. paid $52.8M for a 245K SF shopping center in suburban Wheaton, Crain's Chicago Business reported. The REIT acquired Rice Lake Square from Core Acquisitions. The Mid-America Real Estate Corp. investment sales group's Rick Drogosz, Joe Girardi and Patrick Corrigan represented the seller in the deal.
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Newcastle Investors sold a roughly 11K SF retail property at 1521 N. Milwaukee Ave. in Wicker Park, 100% leased to Urban Outfitters, for $4.1M to an undisclosed buyer. The retailer has occupied the property since 2005 and has a lease that runs through January 2034. Greenstone Partners' Danny Spitz and Brewster Hague represented the seller in the transaction.
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An undisclosed buyer scooped up a 16-unit apartment building in Rogers Park for about $2.5M. The 16-unit property at 7319 N. Rogers Ave. has seen all but one of its units renovated since 2018. Essex Realty Group's Rick Ofman represented the seller in the deal, and Essex's Tim Kavanaugh represented the buyer.
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Miami-based El Car Wash acquired four Sparkle Express Car Wash locations across the Chicago area for an undisclosed price. The acquisition marks the start of the company's plans to grow to 50 locations across the Chicago area, it stated in a release. El Car Wash plans to build a pipeline of ground-up development locations and strategic acquisitions.
LEASES
Law firm ArentFox Schiff moved into 76K SF of renovated space across floors 72-74 of the Willis Tower. The new space will accommodate the firm's roughly 250 employees. The firm downsized from 181K SF in the building, according to the Chicago Business Journal.
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Clarke Packing & Crating signed a 45K SF industrial lease at Blue Heron 160 in Bartlett. The company will move 40 employees to 2315 Kenyon Road from a nearby Bartlett location. Brown Commercial Group's Dan Brown represented owner Cratos Industrial in the deal, while Colliers' Vern Shultz represented the tenant.
CONSTRUCTION AND DEVELOPMENT
Habitat and Cabrera Capital broke ground on the first residential phase of the redevelopment of the LeClaire Courts public housing community, which was completed in the 1950s and demolished in 2011. Across multiple phases of development, the project will deliver up to 700 residential units and about 440K SF of commercial and publicly accessible open space. The first phase is expected to be completed in 2028.
THIS AND THAT
Wanxiang America Real Estate Group, owner of Prudential Plaza, announced plans to install a life-size bronze sculpture honoring film critics Gene Siskel and Roger Ebert in Pru Plaza. Installation is expected in early 2028. Wanxiang launched an expansive renovation of the property in 2024, the first phase of which is nearly complete, the company stated in a release. The second phase is expected to begin in 2027.
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Design firm CPL acquired Bailey Edward, an Illinois-based architecture, engineering and design firm. CPL is adding 50 Bailey Edward employees to its team, expanding the company's presence in Chicago and the Midwest.
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360 Chicago announced it will open a 14K SF private event space on the 96th floor of 875 N. Michigan Ave. The new space is part of 360 Chicago's expansion at the top of the former John Hancock Center. The private event space will begin accepting bookings in the first quarter of 2027.
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