Development firm Shapack Partners and development and investment firm CRG have forged a partnership to develop a multifamily residential tower in Chicago’s coveted Fulton Market enclave west of the Loop.
Situated at 220 N. Ada Street, the 29-story tower will feature 308 apartment homes. In keeping with the Affordable Housing Special Assessment Program, 20 percent of units will be designated as affordable housing at a weighted average of 60 percent of area median income. Also incorporated in the property will be 12,300 square feet of ground-floor retail space.
Shapack and CRG will develop 220 N. Ada Street along with Bill Williams, founder and principal of Chicago-based developer KMW Communities. Partnering with KMW is part of CRG’s PILLAR diverse development program, which works with a group of local developers to address commercial real estate’s historic lack of diversity.
Hot submarket
Apartments will feature a blend of floor plans extending from 400 to 1,400 square feet in size. Apartments will include floor-to-ceiling windows, stone kitchen countertops, vertical subway tile backsplashes and large kitchen islands.
Construction of 220 N. Ada Street will commence in March, after the February demolition of a one-story warehouse building currently occupying the site. Completion is slated for the first quarter 2026. The project’s builder is Clayco, parent company of CRG. Ventana, a subsidiary of CRG, designed, and will install, the structure’s window-wall façade.
Fulton Market remains an in-demand neighborhood, though financing and executing projects is difficult throughout the Windy City and the nation at large. In a prepared statement, a Shapack official noted the high-interest-rate environment and illiquid equity market will likely ensure 220 N. Ada Street will be among Chicago’s few residential deliveries of 2026. Last month, Tishman Speyer acquired a residential tower in Chicago’s West Loop.
