A developer has followed up on promises to propose a new North Side neighborhood that blends urban density with open space and walkable streets, on property once due for the Lincoln Yards complex.
Jim Letchinger, president of JDL Development, has submitted to the city his pitch for what he calls Foundry Park. It would take 34 vacant acres, formerly industrial, and make a new neighborhood that connects Lincoln Park to Bucktown and Wicker Park.
In a nod to those established areas, Letchinger’s plan includes low- to mid-rise buildings and even single-family homes. His tallest building would be about 40 stories, according to documents the Chicago Plan Commission released Monday.
The commission, dominated by mayoral appointees, will meet Thursday and is expected to approve zoning for Foundry Park. The matter is on its posted agenda, indicating the project has signoff from the city’s planning staff.
Letchinger has proposed building up to 3,737 homes, either rental or for-sale, with allotments for retail, offices and a hotel. Twenty percent of the homes would be affordable, as defined by city ordinance.
The project has run the gauntlet of reviews by community organizations. Ald. Scott Waguespack, whose 32nd Ward includes Foundry Park, backs the project.
“Everyone is much more happy with this” compared with what prior developer Sterling Bay proposed, Waguespack said. “It’s more realistic for what the communities in the surrounding area were looking for.”
Waguespack had assailed Sterling Bay’s approach for what it christened Lincoln Yards. The alderman called it “a second downtown” laden with high-rises and offices. Despite a city commitment of up to $1.3 billion in tax incentives, the Sterling Bay deal collapsed against pressure from higher interest rates and the pandemic’s impact on real estate. Restless backers also wanted to exit the estimated $6 billion deal.
A spokesman for the city’s planning department said there is no agreement yet with Letchinger on city subsidies. Thursday’s plan commission hearing deals only with the project’s zoning. Approval would send the zoning to the City Council.
Letchinger couldn’t be reached for comment.
The veteran North Side investor is a partner in Foundry Park with Kayne Anderson Real Estate. He would build the project in phases that are expected to take years to finish, although Letchinger has pledged to move with dispatch.
His plan for the 34-acre section was developed with Chicago’s Hartshorne Plunkard Architecture. It downplays steel and glass as exterior building materials in favor of masonry, stone and terra cotta, all to produce the look of an established neighborhood.
About a quarter of the land would be for open space, including a “central square” and a riverwalk to take advantage of proximity to the North Branch of the Chicago River. Letchinger has described it as “a walking neighborhood, with tree lined, low traffic streets and new open green space that engages the river and offers a four-season recreational opportunity. Foundry Park will be a gathering and recreational place for all.”
The land is east of the Kennedy Expressway and runs from Dickens Avenue to the river south of Cortland Street. Sterling Bay has kept a parking lot on the north end of Letchinger’s site that’s currently zoned for about 400 residential units. That total is included in the 3,737 units Letchinger wants to build.
Separate from his part, general contractor Novak Construction is acquiring the southern section of the old Lincoln Yards property. Waguespack said he has yet to meet with Novak to discuss plans.