Lincoln Park Redevelopment Project to Create 2,500 Permanent Jobs
The latest in this situation
How it started
What happened
The official groundbreaking for Foundry Park took place in Lincoln Park on the former A. Finkl & Sons Steel property. JDL Development plans to transform the 31-acre site along the Chicago River into a mixed-use community that includes over 3,000 homes, retail space, and a hotel. Mayor Brandon Johnson stated the project is expected to create at least 2,500 permanent job opportunities.
From abc7chicago.com
Why it matters
The project is expected to provide more than five times the permanent jobs that the Finkel factory offered before it relocated. The creation of a large mixed-use community is also anticipated to increase density and commercial demand within Lincoln Park.
From abc7chicago.com
Who's involved
- Brandon JohnsonMayor of Chicago
- City of ChicagoMunicipal government overseeing the project
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- City of ChicagoSpeculative
The City of Chicago might see increased city revenue from the expanded tax base generated by the development.
- Halsted StreetSpeculative
Halsted Street may experience increased commercial demand and property values along the street due to the new mixed-use construction.
- Marriott InternationalSpeculative
Marriott International could see increased local market demand for hospitality services due to the inclusion of a new hotel component.
Possible ripples
Who this could reach next, traced step by step from the reporting. Possibilities worth considering, not forecasts.- Foundry Park's density may increase demands on Chicago Police DepartmentNew Foundry Park development may increase operational demands on Chicago Police DepartmentPossible
- Foundry Park development may increase City Council's regulatory focusFoundry Park development could increase the City Council's regulatory focus on Lincoln ParkPossible
- Foundry Park development may boost Chicago's tax base and jobsFoundry Park development could boost the City of Chicago's tax base and job market.Possible
- New Lincoln Park development may increase demand along Halsted StreetHalsted Street may see increased commercial demand from new Lincoln Park developmentPossible
- How could the Foundry Park development in Lincoln Park affect Marriott International?New hotel component in Foundry Park could boost local demand for hospitality services.Possible
How it developed
Newest first. Tap a step to see who reported it.- Mayor Brandon Johnson attended the groundbreaking ceremony for a redevelopment project located in Lincoln Park.Sub-event
Mayor Johnson links riverfront development in Lincoln Park to new job creation.1 source
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The entities involved
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Chicago
city and county seat of Cook County, and largest city in State of Illinois, United States of America
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Chicago River
river in Chicago, Illinois, United States
Nothing else this week.
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Lincoln Park
park in the United States of America