CHICAGO — Shapack Partners and CRG have unveiled plans to build a 29-story apartment tower located at 220 N. Ada St. in Chicago’s Fulton Market. The partnership received $84 million in construction financing from Pacific Life Insurance, according to Crain’s Chicago Business. Plans call for 308 apartment units, 62 of which will be designated as affordable housing, as well as 12,300 square feet of ground-floor retail space. Apartments will come in studio, one- and two-bedroom layouts. There will also be nine penthouses.
Shapack and CRG are developing the property along with Bill Williams, founder and principal of KMW Communities LLC, a Chicago-based developer. 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.
Rising 314 feet, 220 N. Ada St. will be positioned on a 27,244-square-foot parcel at the corner of West Fulton and North Ada streets, replacing a one-story warehouse building. Demolition is scheduled for February, with a groundbreaking planned for March. Completion is slated for early 2026.
Designed by SOM, the property’s residential units will be situated on floors 5 to 28 and will be positioned atop a three-story podium and fourth-floor indoor and outdoor amenity space. The podium space will house a lobby, retail and parking. The sustainable project will exceed local energy codes, reduce water use, include electric vehicle charging stations and dedicate a significant area for green roofs and working landscapes.
CRG’s parent company, Clayco, is the general contractor and its subsidiary, Ventana, designed and will install the building’s window-wall façade. Gensler designed the interiors.
Residential units will be available in a mix of layouts ranging from 400 to 1,400 square feet. In alignment with the Affordable Housing Special Assessment Program, 20 percent of the units will be designated as affordable housing at a weighted average of 60 percent of the area median income.