Foundry Park wins up to $201.6 million in TIF for the old Lincoln Yards north site

The Council voted 49–1 on Sept. 23 to reimburse roads, sewers, parks and a riverwalk on the 31-acre site between Lincoln Park and Bucktown.

By Chicago PoliticsUpdated Oct 16, 2026

Ald. Brian Hopkins (2nd Ward) tells the City Council why he dropped his opposition to Foundry Park, Sept. 23, 2026City of Chicago video

Foundry Park, the 31-acre riverfront site that was supposed to be the north half of Lincoln Yards, now has a City deal behind it. On Sept. 23 the Chicago City Council voted 49 to 1 to approve a redevelopment agreement with Foundry Park Properties KP7 LLC that lets the City put up to $201,589,396 in tax increment financing toward the project's public infrastructure. The ordinance is SO2026-0027166. It was the only divided vote of the day: Ald. Maria Hadden (49th Ward) asked to be recorded as a no.

What is Foundry Park?

The site is bounded by West Dickens Avenue, the North Branch of the Chicago River, North Kingsbury Street and North Southport Avenue. Jeffrey Cohen, managing deputy commissioner in the Department of Planning and Development, told the Committee on Finance on Sept. 22 that it sits between Lincoln Park and Bucktown, entirely in the 32nd Ward, and was mostly a steel mill until 2012. The developer is a joint venture led by JDL Development.

Cohen said the plan, approved as Planned Development 1439 in early 2026, would eventually hold more than 3,000 residential units, 20 percent of them affordable for 30 years, plus a hotel, offices, retail, parks, a riverwalk and a 606 Trail extension. Construction is expected to begin in fall 2026 and finish in 2034.

What does the $201.6 million pay for?

Cohen put the infrastructure cost at about $234.9 million. TIF would reimburse $201.6 million, or 86 percent, and the development team would fund the remaining $33.3 million. The budget is roughly $99 million for new roadways and utilities, $46 million for new parks, $65.5 million for the riverfront, $18 million for the 606 Trail and $6.7 million for site preparation. The City reimburses public roads and utilities, six acres of parks, the 606 extension and half the riverfront costs.

The money comes from the Cortland and Chicago River TIF district. According to our summary of the ordinance, the City's notes are repaid only from incremental property taxes in the district and are not backed by its general taxing power.

The buildings themselves get no TIF. Cohen said the first phase, in the triangle formed by Cortland, Kingsbury and Southport, is an $800 million private investment: a garage, a 183-key hotel and three residential buildings with 709 units, 95 of them affordable on site.

What did alderpersons ask?

Ald. Anthony Beale (9th Ward) asked whether anyone had sought state or federal money; JDL's founder said no, because the TIF was created for this infrastructure. Ald. Raymond A. Lopez (15th Ward) pressed on contracting goals; Cohen said the agreement requires 30 percent minority-owned and 10 percent women-owned business participation and allows waivers, though the developer is not seeking any.

Ald. William Conway (34th Ward) and Ald. Brendan Reilly (42nd Ward) raised the hotel workers' union, Unite Here. The JDL founder said his company does not operate hotels and has no hotel partner or financing yet, so he could not make labor commitments.

Ald. Scott Waguespack (32nd Ward), whose ward holds the site, said he is seeking federal money with Congressman Quigley for the nearby Metra station and the 606 extension, and that the TIF is narrower than the Lincoln Yards deal.

"it goes to infrastructure for this area, which essentially would be, as Mr. Cohen said, for the roadway, sewers, the new park spaces, the riverfront, the bridges, and infrastructure for the extension of the 606. Not to legal fees, not to marketing, not to a lot of things that were done in the original agreement."

Ald. Scott Waguespack (32nd Ward), Committee on Finance, Sept. 22, 2026

Ald. Scott Waguespack on the Foundry Park TIF Committee on Finance, Sep 22, 2026 · 3:03:20–3:05:20

Why did Hopkins change his mind?

Ald. Brian Hopkins (2nd Ward), whose ward borders the site, had opposed the deal the day before. On Sept. 23 he supported it, after CDOT and the Department of Planning and Development sent a letter committing to study the area's infrastructure needs.

"We made a promise to the neighborhood that we would secure the necessary public infrastructure in order to support the development before the project moved forward. Anyone who lives in the area knows the need for it today."

Ald. Brian Hopkins (2nd Ward), City Council, Sept. 23, 2026

Hopkins said the Cortland Street Bridge closure pushed about 18,000 vehicles onto surrounding bridges already over capacity.

"I could've saved them the time. We already know when the Cortlandt River TIF was created. We did a study, going back eight years now, and that study clearly documented the need for at least two additional bridges."

Ald. Brian Hopkins (2nd Ward), City Council, Sept. 23, 2026

He called Foundry Park a 10- to 20-year project with time to fix the infrastructure. The vote was 49 to 1. Hadden did not speak on the item, and the record does not give her reason for voting no.

How each ward voted

49 yea, 1 nay · Sep 23, 2026 · Passed

Yea Nay

SO2026-0027166: the roll call, the timeline and the documents

Ald. Brian Hopkins on dropping his opposition to Foundry Park City Council, Sep 23, 2026 · 3:58:19–4:00:10

What it means on your block

Nothing is built yet, and the TIF only reimburses costs the developer has incurred. The Council approved the public skeleton: streets and utilities down Dominic Street and Southport Avenue into the site, streetscape work on Kingsbury, Cortland, Dickens and Elston, six acres of parks, a riverwalk and the 606 extension. The bridges Hopkins wants are not in this agreement, only a promised study. Each later phase needs site plan approval, so there will be more public meetings.