Groundbreaking set for Foundry Park development along Chicago River's North Branch
Groundbreaking was set for Wednesday for a major new development along the North Branch of the Chicago River.
The $3 billion Foundry Park development seeks to transform the former A. Finkl & Sons steel mill site in the Clybourn Corridor into a new neighborhood with more than 3,700 homes and 970,000 square feet of office, retail, and hotel space.
Plans for the development also include public parks and an extension of The 606 Trail, which now ends at Ashland Avenue on the other side of the river.
Last month, the Chicago City Council approved $201.6 million in funds collected from Tax Increment Financing districts to develop public infrastructure for Foundry Park, spokespeople said.
Developers expected the completed Foundry Park project to generate more than 2,500 permanent jobs.
Foundry Park supersedes Lincoln Yards, developer Sterling Bay's controversial $6 billion redevelopment plan for the same area. Opponents complained of a lack of affordable housing in the proposed Lincoln Yards development, while Ald. Brian Hopkins (2nd) plans for a soccer stadium and an entertainment district run by Live Nation as part of the project.
The Live Nation proposal in particular drew concerns and opposition from independent venues such as The Hideout, located on the other side of the river at 1354 W. Wabansia Ave.
Lincoln Yards did not end up being built.
Finkl Steel moved from its 22-acre property near Southport Avenue and Cortland Street in 2014, relocating to the city's South Side. The other major industrial holdout in the old Clybourn Corridor area, General Iron at 1909 N. Clifton Ave., closed its plant in 2021.
At one time, both plants were major components of the Clybourn Corridor Planned Manufacturing District, which was established in 1988 with zoning to prohibit residential development and place restrictions on commercial uses in an effort to protect the manufacturing economy in the area. The planned manufacturing district was eliminated in July 2017 with a zoning change that imposed fewer restrictions.
The groundbreaking for Foundry Park is set for 2:30 p.m. Wednesday. Mayor Brandon Johnson, Ald. Scott Waguespack (32nd), JDL development founder and chief executive officer Jim Letchinger, Kayne Anderson Real Estate chief investment officer David Selznick, and Chicago Department of Planning and Development Commissioner Ciere Boatright were expected to attend.
