Shapack and CRG secure construction loan for 220 N. Ada

Shapack Partners and CRG have announced the closing of $84 million in financing for their planned 29-story mixed-use tower at 220 N. Ada. Securing the construction loan from Pacific Life Insurance, the approximately $140 million project can now move forward. Shapack and CRG are also teaming up with KMW Communities as 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.”

Located at the southwest corner of W. Fulton St and N. Ada St, the mixed-use project will include 308 rental apartments, 62 of them affordable at an average of 60% AMI, and 12,300 square feet of ground-floor retail. Apartments include studio, one- and two-bedroom units, as well as nine penthouses. Residents will have access to 115 parking spaces and 58 bike parking spaces.

“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 Skidmore Owings & Merrill, the 314-foot-tall building features a façade composed of dark gray metal projections, 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 level. The podium fronts N. Ada St and W. Fulton St 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. 

With Gensler in charge of the interiors, their design incorporates 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.

220 N. Ada 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. 

With a demolition permit already issued, the one-story warehouse building will be cleared in February. A groundbreaking for the new construction is planned for March, with the foundation permit already issued. With completion set for early 2026, Clayco will be the general contractor, with its subsidiary Ventana leading the design and installation of the building’s window-wall façade.