Kayne Anderson Real Estate and JDL Development have entered into an agreement to acquire a development site located at 2001 North Southport Avenue in Chicago.
The joint venture will acquire the 31-acre portion of the development on the Chicago River formerly known as Lincoln Yards North. The project, which will be heavily focused on creating a residential community, will be officially renamed Foundry Park.
The new scaled-down development will offer homes, condos, apartments, as well as mixed and commercial uses. In March, Sterling Bay and its partner Lone Star Funds returned the property to the lender after failing to secure new investors or financing to revive the original project, which had stalled.
“As a real estate investor, Foundry Park is an incredibly rare opportunity to design a large-scale project from scratch that is adjacent to two coveted neighborhoods in a world-class city like Chicago,” said David Selznick, Chief Investment Officer of Kayne Anderson Real Estate.
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