The developers who took over a portion of the former Lincoln Yards megadevelopment unveiled new plans for the site.
A joint venture of JDL Development and Kayne Anderson Real Estate has filed plans to the city for a more than $1B development named Foundry Park, Chicago Yimby first reported. Foundry Park would include nearly 3,300 residential units, 350K SF of office, 435K SF of retail, 250K SF of hotel space and 12 acres of open space.
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The duo announced an agreement in July to buy the northern portion of Lincoln Yards from lender Bank OZK for an undisclosed price. The bank seized the land from Sterling Bay earlier this year, and the new deal is expected to close before the end of September.
Developers are working with Chicago-based architecture firm HPA on the site’s master plan.
The project's central artery is planned to be Southport Avenue, with the street lined by mixed-use towers of about 20 stories. The tallest structure is expected to top out at 38 floors, according to Chicago Yimby.
The plans aren't finalized, but JDL CEO Jim Letchinger told Crain's Chicago Business that the mockups are "indicative of what we are attempting to do."
In a response to the submitted plans, city planning officials reportedly asked the developers to provide additional details on project phases and how the site will be used while different portions are under construction. City officials also suggested the developers put multifamily residential buildings along the river instead of single-family homes to mitigate issues on the public riverwalk.
The city council would need to sign off on an amended planned development ordinance for the project to move forward.
Sterling Bay had years of difficulty securing the financing needed to develop the site.
The developer put the only completed building at the megaproject on the market this week. Brokers from Eastdil Secured and Savills are shopping the 284K SF life sciences lab and office building at 1229 W. Concord Place, which was completed in 2023 with Harrison Street and J.P. Morgan Asset Management but is still sitting vacant.
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