City commissioners approve $202 million finance deal for Foundry Park megadevelopment

June 10, 2026 - 10:12

The Community Development Commission voted Tuesday to approve a $202 million financing package for JDL Development's ambitious plan to redevelop the northern section of the former Lincoln Yards site into a sprawling mixed-use community called Foundry Park. The project, which has been in the works for years, aims to transform a long-vacant industrial stretch along the Chicago River into a dense neighborhood with apartments, offices, retail space, and public parks.

Under the approved deal, the city will issue bonds to fund infrastructure improvements, including new roads, water lines, and riverwalk connections. JDL Development will be responsible for building the private components, which include over 2,000 residential units, a hotel, and commercial spaces. The developer estimates the total project cost at roughly $6 billion once fully built out over the next decade.

Supporters of the plan argue it will generate thousands of construction jobs and create a new tax base for the city. Critics, however, raised concerns about the scale of public subsidies and the lack of guaranteed affordable housing units in the initial phases. The commission's vote moves the project one step closer to breaking ground, though final approvals from the city council are still required.