After the death of his brother, who had been stationed as a soldier in Chicago, Foster moved there in approximately 1835 to take over the estate left by his brother, to which he was one of the heirs.[3] From the real estate he inherited, Foster would ultimately amass a substantial fortune.[3]
Amid the Panic of 1837, which halted demand for land sales in Chicago, Foster left his property in the care of his attorney, J. Young Scammon, and moved for one or two years to New England. After his return to Chicago, the economy ultimately began to recover, and with it so did the real estate market.[3]
Foster's grave at Rosehill Cemetery
In 1856, he gave $1,000 to establish what would become the Foster Medal Fund. The fund served to procure medals and other rewards of merit for those attending the grammar department of Chicago public schools.[3]
Foster had married Nancy Smith a few years after coming to Chicago.[3]
Foster died at his home in Chicago on May 18, 1874, at the age of 78.[2][3][5] He was buried at Rosehill Cemetery.
Foster Avenue in Chicago is named for him.[2] In addition to Foster Avenue, there was a Foster School which was named for him.[3]