JDL Development and Kayne Anderson Real Estate, the two developers involved in the troubled Lincoln Yards megaproject, want the Chicago City Council to approve a slate of high-rise apartments and residential units, according to a new zoning application submitted to the city.
The proposal covers roughly 34 acres between Lincoln Park and Bucktown, Crain’s Chicago Business reported. Lincoln Yards is the overall name for a massive 53-acre mixed‑use redevelopment along the North Branch of the Chicago River. The northern section of the megaproject is called Foundry Park, with an estimated cost of more than $1 billion.
The apartment towers would exceed 450 feet, and in total Foundry Park would feature up to 3,737 housing units. Although less dense than Sterling Bay’s original 14 million‑square‑foot version of the project, the plan still features large‑scale buildings that would significantly reshape the area.
Chicago-based Sterling Bay was the original developer that backed out after the project stalled. The joint venture of Chicago-based JDL and Los Angeles-based Kayne Anderson bought most of the site from Bank OZK, which seized it from Sterling. The land was previously tied to the former Finkl steel mill and General Iron operations.
JDL, led by CEO Jim Letchinger, is the developer on the project, with Kanye Anderson, led by CEO Albert Rabil as the equity partner.
The zoning application outlines a program combining single‑family homes, townhomes, condos and rental units, along with 350,000 square feet of office space, 420,000 square feet of retail and commercial space, plus 250,000 square feet of hospitality. The developers intend to build 3,207 units initially — 305 for-sale homes and 2,902 rentals — including 641 affordable units for households earning an average of 60 percent of area median income.
The plan incorporates 12 acres of open space, six parks and a walk spanning most of the site’s 3,000 feet of river frontage. Southport Avenue would serve as the project’s primary corridor, lined with mid‑rise and high‑rise residential buildings and a hotel.
The first phase would rise on a triangular parcel bounded by Southport Avenue, West Cortland Street and North Kingsbury Street.
A key complication is Sterling Bay’s continued ownership of a northern parcel within the existing planned development. Sterling Bay consented to the rezoning only on the condition that it retains rights to build 400 units on its property.
City planning officials have emphasized the need for new infrastructure to manage traffic and improve site access. Negotiations continue over revisions to the existing redevelopment agreement, originally crafted for Lincoln Yards, which envisioned up to $490 million in infrastructure reimbursable with tax increment financing. Foundry Park’s lower density may reduce the need for large infrastructure, though improvements to Dominick Street, Southport and a potential Southport‑Throop bridge remain under discussion.
— Joel Russell