JV Plans Tower in Chicago’s Fulton Market

Shapack Partners and CRG are developing the project.

The property is located near Chicago’s downtown Loop neighborhood. Image courtesy of Shapack Partners and CRG

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.

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