Three Chicago-based developers — Shapack Partners, KMW Communities and CRG, a development and investment subsidiary of Chicago-based contractor Clayco — have partnered to develop a new 29-story multifamily tower in Chicago’s Fulton Market neighborhood.
This project marks Shapack’s twelfth development in Fulton Market, as well as CRG’s fourth in Chicago. Despite difficult financing conditions, 22 N. Ada St.’s developers have secured full capitalization for the project, according to a press release shared with Multifamily Dive. They expect to demolish the site’s existing warehouse in February, break ground in March and open the property in 2026.
“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, in the release. “Capitalization of this project is a testament to the strength of Fulton Market and the conviction our team has in Chicago.”
The exterior, designed by Chicago architect Skidmore, Owings & Merrill, will consist of a dark gray facade of vertical and horizontal metal projections intercut with floor-spanning windows. The property’s 308 apartments will be situated on the upper floors, including 62 units affordable to residents making 60% of area median income.
Layouts will range from studios to two-bedrooms, plus nine penthouse units, and feature wide-plank flooring, stone countertops and panelized appliances.
A three-story podium level will house retail spaces, the lobby and a parking structure with space for 115 vehicles and 58 bikes. The fourth floor will contain indoor and outdoor resident amenities.
Interiors, designed by San Francisco-based firm Gensler, will emphasize rich and elegant design features, with velvet furnishings and jewel tones located throughout, according to Shapack. The property is designed to exceed local energy codes, and will dedicate a portion of its surface area to green roofs and working landscapes. The parking structure will include electric vehicle charging stations.
“Fulton Market is one of the leading submarkets in the country and has established itself as a live, work, play, stay neighborhood within Chicago,” said Shawn Clark, CEO of CRG, in the release. “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.”
