#United States #Chicago #Kayne Anderson #Foundry Park #JDL Development

Transforming Chicago's Urban Landscape: Foundry Park

In a significant real estate milestone for Chicago, Kayne Anderson Real Estate and JDL Development have entered into an agreement to acquire a sprawling 31-acre site on the city's North Side, formerly known as Lincoln Yards North. This joint venture marks an exciting new chapter for urban development in Chicago, focusing on creating a vibrant, residential community that pays homage to the city’s storied history.

The newly branded Foundry Park is set to shape the future of this long-vacant land with a thoughtful approach that blends the historic industrial roots of Chicago with modern residential needs. Strategically located along the scenic North Branch of the Chicago River, the development promises to transform the site into a community-centric environment, ideal for living, working, and facilitating social interactions among residents.

"Centrally located, Foundry Park is designed to be a gathering space for the greater Chicago community to live, innovate, and thrive," states Al Rabil, Co-Founder and CEO of Kayne Anderson Real Estate. The park will not only offer housing options, including homes, condominiums, and apartments, but will also incorporate commercial spaces that meet the needs of both residents and nearby neighborhoods. The vision focuses strongly on community engagement and accessibility, ensuring that the area evolves into a more welcoming and interactive part of the city.

A Commitment to Community and Sustainability

One of the key highlights of Foundry Park is its commitment to increasing the number of affordable housing units beyond existing requirements. The development plans include establishing a pedestrian-friendly neighborhood characterized by tree-lined streets and accessible green spaces, promoting an active lifestyle and recreational pursuits throughout the year. By seamlessly integrating parks and recreational facilities, Foundry Park aims to provide residents with ample outdoor activities right at their doorstep.

"We are thrilled to partner with Kayne Anderson to bring our shared vision for this iconic site to life," says Jim Letchinger, Founder, and CEO of JDL. With over three decades of experience in the Chicago residential market, JDL envisions Foundry Park as a pivotal development that enhances local neighborhoods, particularly benefiting those in nearby areas such as Bucktown, Wicker Park, and Lincoln Park.

As the project progresses, both developers are committed to involving local communities to shape a development that resonates with residents' needs and aspirations. "I am pleased to see progress on the site with JDL and Kayne Anderson. We will be working closely with the surrounding communities and city officials to revitalize the area with new housing and development that will help grow our local economy," remarks Alderman Scott Waguespack (32nd).

The Future of Foundry Park

The transaction, subject to customary closing conditions, is expected to finalize by the end of the third quarter of 2025. As Kayne Anderson and JDL prepare to break ground, they reflect a profound belief that this joint initiative will unlock an extraordinary opportunity for future residents and businesses alike in Chicago. Foundry Park is poised not only to enhance the historic character of its surroundings but to create a lasting legacy for the community it serves, turning an underutilized area into a vibrant urban destination.

Kayne Anderson Real Estate manages an impressive portfolio worth approximately $18 billion in assets across a variety of real estate sectors. Their experience, combined with JDL's esteemed reputation for residential excellence, sets a solid foundation for realizing the full potential of Foundry Park. As this joint venture unfolds, it stands as a testament to the importance of collaboration in urban renewal, aiming to construct spaces that foster community ties, economic growth, and environmental sustainability.

In conclusion, Foundry Park is more than just a new residential development—it's a transformative project that embodies the spirit of community and innovation, creating a living space that Chicago residents can cherish for generations to come.