The Daily Dig
Chicago’s Power Construction is the general contractor for the $1 billion first phase of Foundry Park. The $3 billion mixed-use project from JDL Development sits on a 31-acre former steel mill site along the Chicago River, on the city’s near north side. Phase 1 broke ground on October 21, 2026.
Forging Ahead
The A. Finkl & Sons steel plant operated on the site for 112 years. The company moved to Chicago’s far south side in 2013, and the buildings were razed in 2015.
Phase 1 is a big package on its own. It includes three residential buildings with 709 mixed-income homes, plus a 183-room hotel.
Crews will also build a 777-space underground parking garage. The first phase adds a park and 600 feet of riverwalk.
Street work is part of the scope too. Phase 1 covers infrastructure work on portions of North Southport Avenue, West Cortland Street and North Kingsbury Street.
Hartshorne Plunkard Architecture is the architect, and Forefront Structural Engineers is the structural engineer. Ciere Boatright, commissioner of the Chicago Department of Planning and Development, described the look in a press release: “Buildings will feature traditional materials like brick and limestone.”
Lightning Round
City approvals came together quickly, with zoning granted in early 2026.
“We started in December of 2025. And by mid-February we had passed this through city council,” said Ald. Scott Waguespack (32nd Ward). He called the pace “lightning speed.”
The city later authorized about $201.6 million in tax-increment financing. That money goes toward roughly $235 million in infrastructure, including roads, utilities, parks, site prep, riverfront work and an extension of the 606 trail.
Full development is projected for 2034. The city expects the project to employ 700 construction workers a year along the way.
Snapshot:
Project: Foundry Park, Phase 1
Developer: JDL Development (bought the site in 2025)
Development partner: Kayne Anderson Real Estate
General contractor: Power Construction
Architect: Hartshorne Plunkard Architecture
Structural engineer: Forefront Structural Engineers
Location: N. Southport Ave. and W. Cortland St., near north side, Chicago
Site: 31 acres along the Chicago River, former A. Finkl & Sons steel plant
Total project value: $3 billion
Phase 1 value: $1 billion
Phase 1 residential: 3 buildings, 709 mixed-income homes
Phase 1 hotel: 183 rooms
Phase 1 parking: 777-space underground garage
Phase 1 public space: Park, 600 ft. of riverwalk
Phase 1 infrastructure: Portions of N. Southport Ave., W. Cortland St. and N. Kingsbury St.
Groundbreaking: October 21, 2026
Full project: Up to 3,737 residences, 435,000 sq. ft. retail and restaurant, 100,000 sq. ft. office, boutique hotel, 8+ acres of public open space
Zoning: Approved early 2026
Public financing: About $201.6 million in TIF toward about $235 million in infrastructure
Infrastructure scope: Roads, utilities, parks, site prep, riverfront work, 606 trail extension
Workforce: About 700 construction workers per year (city estimate)
Full development: Projected for 2034
TheJobWalk Thoughts
Power is only confirmed for Phase 1, with full development projected for 2034. Track Foundry Park as a pipeline, not a single bid. Strong Phase 1 work won’t guarantee later packages, but it rarely hurts.
Masonry contractors should take note. The city says the buildings will feature brick and limestone, which points to plenty of facade work on a project this size.
No schedule has been published. On most jobs like this, though, garage and street work start ahead of vertical construction, so site and concrete subs typically get the earliest calls.
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