Foundry Park deal gets clearance from Chicago Plan Commission

Foundry Park, a new vision for the development of old industrial land along the Chicago River on the North Side, cleared a hurdle Thursday by winning approval from the agency that advises the City Council on major projects.

The Chicago Plan Commission backed zoning for the proposal project covering about 34 vacant acres. The plan from JDL Development calls for up to 3,737 homes, including 20% affordable under the city's rules, in a design that includes low- to mid-rise buildings, some for offices, grouped near open space and riverfront access. Buildings would get ground-floor retail and one is slated as a boutique hotel.

The approach drew praise from residents and commission members for proposing construction on a reduced scale, compared with developer Sterling Bay's Lincoln Yards, the prior plan to populate the site with high-rises. The Lincoln Yards project, including additional land south of Foundry Park, collapsed last year.

JDL President Jim Letchinger said he hopes to begin the first construction phase, costing about $800 million, late in 2026. The commission’s endorsement sends the project to the City Council for a vote.

Letchinger emphasized that his goal is to build a neighborhood on a human scale that invites people to visit and shop, connecting Foundry Park to adjacent residential areas. The tallest building in his plan is around 40 stories. He also includes some single-family homes.

“Not only are we not gating the community, we are inviting the community,” he said.

Letchinger said that with partner Kayne Anderson Real Estate, he has the capital to start construction and is confident about long-term backing for the full project.

“We’re optimistic that we can have this entire site built in seven years,” he told commissioners, who backed the zoning change with 13 affirmative votes and one recusal.

The Foundry Park name refers to the property’s former use by Finkl Steel.

Letchinger insisted investors welcome real estate proposals in Chicago, contrary to what others in his field have argued.

“We want to change the narrative. Capital is choosing the city of Chicago, the greatest city in the country,” he said.

His design with Hartshorne Plunkard Architecture sketches out a site plan with about a quarter of the acreage reserved for open space, including new riverfront paths. Parking for about 300 cars would be below-grade.

The only parking access would be from Kingsbury Street, amounting to the only curb cuts in the development. Letchinger said the design would help traffic flow, a concern that lingers despite qualified support for the project from local groups.

Still to be decided is how much support from tax-increment financing the project gets from the public. The grander Lincoln Yards was in line for up to $1.3 billion in TIF for infrastructure work.

Foundry Park would be eligible for less money, but many still hope to extend Chicago’s Bloomingdale Trail, called The 606, into the development. It would have to be built across a highway, Metra tracks and the river, all expensive propositions.

Ciere Boatright, the city’s planning commissioner, expressed admiration for Letchinger’s proposal but said the TIF discussions are in “early-ish” stages.

Addressing The 606, Letchinger said, “We’re doing it. It might be two years. It might be five years. But it’s coming, and it’s gonna be here.”

During public comments, Jonathan Snyder, executive director of the industrial retention group North Branch Works, praised Foundry Park’s scale but said it would require more investments in public transit.

Leaders of the Sheffield Neighborhood Association criticized the lack of specificity in public improvements.

“We would like to have more assurance that the TIF funds for infrastructure will be there and that the infrastructure will be done promptly, in concert with development,” the letter from Brian Comer and Ted Wrobleski said.

In another matter, the commission unanimously approved zoning for the conversion of the Universal Overall Co. building, 1060 W. Van Buren St., into 111 residences, along with construction of a 27-story building next to it. The new building would include 214 residences and would be connected to the old one.

F&F Realty backs the project. Its president, David Friedman, said he’s working on the financing.

The design by the architectural firm FitzGerald Associates clads lower floors of the new building in brick to blend with its neighbor, while the tower would revert to steel and glass.