Shapack Partners, a multi-asset class development company rooted in the Fulton Market District, and CRG, a national development and investment firm, announced a new partnership to develop a multifamily residential building at 220 N. Ada Street in Fulton Market. The partnership has secured full capitalization for the 29-story residential development. The mixed-use project will include 308 rental apartments, 62 of them affordable, and 12,300 square feet of ground-floor retail. Apartments include studio, one- and two-bedroom units, as well as nine penthouses.
Shapack Partners and CRG are developing 220 N. Ada Street along with Bill Williams, founder and principal of KMW Communities, LLC (“KMW”), a Chicago-based developer. KMW has led or participated in a wide range of residential, commercial and mixed-income public/private partnership developments in Chicago. The partnership with KMW is part of CRG’s PILLAR initiative, the firm’s diverse developer program that works closely with a group of Chicago-based developers aimed at addressing the lack of diversity in commercial real estate.
“We are thrilled to kick off our second joint venture with Shapack Partners in Fulton Market to deliver first-class multifamily housing to the neighborhood,” said Shawn Clark, chief executive officer at CRG. “Fulton Market is one of the leading submarkets in the country and has established itself as a live, work, play, stay neighborhood within Chicago. Development starts are hard to come by these days, and we are excited to bring much-needed housing to one of the strongest innovation districts in the country.”
“A high-interest-rate environment and illiquid equity market will make 220 N. Ada St. one of Chicago’s only new residential deliveries in 2026,” said Paige O’Neil, president of Shapack. “Capitalization of this project is a testament to the strength of Fulton Market and the conviction our team has in Chicago.”
Designed by SOM as architect-of-record, the property features a façade composed of dark gray metal projections extending vertically and horizontally, with expansive floor-to-floor windows throughout. The residential units, located on floors 5-28, will be positioned atop a three-story podium and fourth-floor indoor and outdoor resident amenity space. The podium, which will house a lobby, retail and parking, fronts North Ada and West Fulton streets and is divided into two masses, with the portion under the residential tower replicating the building’s gridded glass and metal façade. The second half of the podium is wrapped in black brick, with large openings for storefront windows on the ground floor and the terrace on the rooftop.
220 N. Ada Street is sustainably designed and will exceed local energy codes, reduce water use, include EV charging stations, provide additional EV-charging readiness, and dedicate a significant area for green roofs and working landscapes. The team is also committed to ensuring 80% construction waste diversion.
Construction on the project will begin in March, with completion expected in early 2026. CRG’s parent company, Clayco, is the builder, and its subsidiary Ventana designed and will install the building’s window-wall façade.
Interiors designed by Gensler incorporate rich textures and warm tones, from leather-clad and jewel-toned velvet furnishings and statement fixtures to richly paneled wall coverings. Drawing inspiration from hospitality design, the interiors exude an inviting ambiance, blending modern elegance with comfort to create welcoming spaces.
Residential units will be available in a mix of unit layouts ranging from 400 to 1,400 square feet. Open floor plans include wide-plank wood-style flooring throughout and floor-to-ceiling windows that showcase the building’s architectural detailing and surrounding cityscape. Kitchens are outfitted with wood cabinetry, stone countertops, vertical subway tile backsplash, generous islands and panelized appliances.
In alignment with the Affordable Housing Special Assessment Program (“AHSAP”), 20% of the units at 220 N. Ada St. will be designated as affordable housing at a weighted average of 60% area median income (“AMI”).
220 N. Ada St. is Shapack’s 12th Fulton Market development and CRG’s fourth residential development in Chicago.
