Foundry Park TIF would help fund the long-awaited 606 extension
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A bicyclist travels east on The 606. Photo: Justin Kaufmann/Axios
More than a decade after The 606 opened, a proposed $201.6 million TIF package for Foundry Park could finally help extend the trail across the Chicago River.
The latest: The proposed subsidies would help fund public infrastructure for the megadevelopment, including roads, parks, riverwalk improvements and a long-planned extension of the trail across the Chicago River.
Why it matters: The extension is a major step toward creating a car-free route between the West Side and Lincoln Park.
Context: Foundry Park is a proposed $3 billion mixed-use development on the former Finkl Steel site that would bring more than 3,700 homes, offices, retail, hotels and parks to 31 acres along the North Branch of the Chicago River.
- The project is being developed by Chicago-based JDL Development and Los Angeles-based Kayne Anderson Real Estate.
Flashback: This mostly industrial land was slated to be developed as the northern half of the Lincoln Yards megadevelopment, which stalled after its approval in 2019.
Zoom in: Plans call for about $21.5 million of the infrastructure package to go toward The 606 extension, including a bridge across the Chicago River.
- The river crossing and trail connection would be built in phases, with portions of the work extending beyond Foundry Park.
Between the lines: The proposed TIF didn't create the idea of extending The 606. Rather, it would help finance a long-planned segment that city planners, neighborhood advocates and previous redevelopment plans have pursued for years.
Yes, but: Extending the trail has yet to materialize. The city unveiled plans in 2023 to push it east of Ashland Avenue beneath the Kennedy Expressway and Metra tracks, but crossing the Chicago River has remained the project's biggest engineering hurdle.
State of play: The proposal still requires City Council approval. Supporters note alders recently approved a much larger TIF package for infrastructure surrounding The 78 and the Chicago Fire stadium.
What's next: CDOT says it will start construction on the first phase in the fall. The TIF proposal has been introduced to the City Council and awaits committee review and a final vote by alders.
The bottom line: Foundry Park could reshape the near North Side of Chicago and give pedestrians and bicyclists what they've dreamed of for more than a decade.