Power Construction will build the $1 billion first phase of Chicago's $3 billion Foundry Park

Phase one, which broke ground Oct. 21, has 709 mixed-income homes in three residential buildings, a hotel with 183 rooms and an underground garage for 777 cars, along with a park, a 600-foot stretch of riverwalk and street work on parts of North Kingsbury Street, West Cortland Street and North Southport Avenue. Hartshorne Plunkard Architecture designed the project and Forefront Structural Engineers is the structural engineer. ENR did not report the value of Power's contract.

At full build-out the site is planned for up to 3,737 homes, 435,000 square feet for shops and restaurants, 100,000 square feet of office space, a boutique hotel and over eight acres of open space. Twenty percent of the units are to be affordable. Work is expected to run to 2034, and the city puts construction employment at about 700 workers a year. JDL and its partner, Kayne Anderson Real Estate, bought the land in 2025.

In September the City Council signed off on $201.6 million of tax-increment financing, paid out as reimbursements once each piece of public work is done, Chicago Construction News reported. The money breaks down to $70.9 million for roads and utilities, $69 million for parks, $33.5 million for riverfront work, $21.5 million to extend The 606 trail and $6.9 million for site preparation. ENR put the total public infrastructure bill at roughly $235 million.

The parcel is the northern part of the old Lincoln Yards site. Sterling Bay won city approval for Lincoln Yards in 2019, could not raise the money, finished a single building and turned the property over to its lenders. Finkl ran its mill on the river for 112 years before moving to the South Side in 2013. The plant was torn down in 2015.