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Kayne Anderson Real Estate, the real estate private equity arm of Kayne Anderson, and JDL Development, a Chicago-based developers, have entered into an agreement to acquire a development site located at 2001 N. Southport Ave. in Chicago. The joint venture will acquire the 31-acre portion of the development formerly referred to as Lincoln Yards North, located prominently on the Chicago River. Terms of the transaction were not disclosed.

Kayne Anderson and JDL are moving quickly to reimagine and rebrand the property. The new development, which will be heavily focused on the creation of a residential community, will be officially renamed Foundry Park, paying tribute to more than 100 years of history at this location. Chicago has deep industrial roots and Foundry Park will respect the past while creating a community for the future. Kayne Anderson and JDL said in a news release that they are excited to work with the city of Chicago to create a plan that can be executed and will quickly turn a long vacant site into a beautiful new neighborhood.