Chicago Breaks Ground on $3 Billion Foundry Park

The massive project transforms the former Finkl steel mill site into a mixed-use development on the Chicago River.

Updated on Oct. 21, 2026 in Commercial

Chicago Breaks Ground on $3 Billion Foundry Park

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Do you support the redevelopment of local industrial sites into large-scale housing projects?

Developers are breaking ground on the $3 billion Foundry Park project, which replaces the previous Lincoln Yards plan. This new development will transform the former A. Finkl & Sons steel mill site into a massive residential and commercial complex.

Why it matters

The project serves as a major urban revitalization effort, repurposing industrial land that has sat dormant for years. It marks a significant shift in land use for the city's Clybourn Corridor.

Foundry Park includes more than 3,700 homes and 970,000 square feet of office, retail, and hotel space. The development spans the former 22-acre Finkl steel mill site on the Chicago River.

The players

A. Finkl & Sons

This company operated a historic steel mill on the development site before moving its operations in 2014.

The 606 Trail

This elevated public trail project will be expanded across the Chicago River as part of the new development.

The details

The development plan replaces the Lincoln Yards project on the site where A. Finkl & Sons once operated. As part of the site expansion, the development will extend The 606 Trail across the Chicago River to connect the surrounding neighborhood.

1988: The Clybourn Corridor Planned Manufacturing District was established.
2014: A. Finkl & Sons moved its operations from the property.
July 2017: The city council eliminated the planned manufacturing district.
2021: The General Iron plant closed its operations.
October 21, 2026: Official groundbreaking ceremony for Foundry Park.

Culture Shift

The transition from the Clybourn Corridor Planned Manufacturing District to the Foundry Park development signals the city's move away from traditional industrial zoning toward modern, high-density residential and commercial usage. This project reflects a long-term urban trend of repurposing former mill sites into central hubs for city living.

Residents can expect significant changes to the local neighborhood as the industrial footprint is replaced by housing and amenities. The expansion of The 606 Trail across the river will provide new transit and recreation options for locals.

The takeaway

This development highlights the ongoing evolution of former manufacturing centers into modern, mixed-use living spaces. Chicago residents should track future phases of the project as additional housing units come to market.