Nassie Mason, 28, was charged with first-degree murder and being a felon possessing a weapon. Erving Harris, 31, faces the same charges.
They were taken into custody at 12:50 p.m. Tuesday in the 2100-block of West Madison Street, shortly after fatally shooting 67-year-old Jerry Lewis in the same block, Chicago police said.
Lewis had a profound impact on the construction community and those on the West Side, his wife said.
Lewis was killed just before 1 p.m. near West Madison and South Leavitt streets.
The 67-year-old's family said he was shot while walking between offices when he was approached by two gunmen who opened fire.
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He was shot in the head and was rushed to Stroger hospital where he died, police said.
Lewis' family said he was a successful Chicago contractor and developer who was instrumental in Project 1901, the $7-billion development of property around the United Center.
Authorities have not outlined a motive for the attack or given details about what led to the violence.
The Cook County medical examiner has not officially identified the victim.
Mason and Harris are due in court Friday.
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