You can do it hitsquad's way... or you can simply choose the northwest or northeast corner, build a partition and insulate the walls between the cold room and the basement, AND the ceiling, and go for it.
We have one built just that way.. not as well insulated as I'd have liked, but it stays at refrigerator temps between October and April, and never gets above 60° no matter how hot it gets outside.
Oh, and we have a window on the north wall... which we use for manual passive ventilation. If I ever get my wish list done, we'll install a small active thermostatically controlled vent system with PVC pipe and some small "muffin" fans.. which should keep the temps where we like them for even longer than now.
As far as shelves.. sturdy, obviously. Some folks build in bins for things like potatoes, apples and root crops.. I prefer to use crates which can be removed, cleaned and disinfected and left in the sun to kill off any microorganisms during the "off" season. I build a bunch of crates from pallets I tore apart and reused.. painted them with a couple of coats of white latex paint, and 10 years later, they still scrub up easily and are holding up perfectly.
We bought three "Gorilla Shelf" units and installed them... but used heavy, 3/4" outside grade plywood (marine grade, I believe it's called) for the shelves. Sealed it with some polyurethane... which may have been overkill, but it makes it easy to clean them if needed.
We have a stone floor in that corner (when we rebuilt our house after a housefire, I planned on putting the root cellar in, so didn't have that corner cemented) and it holds just about perfect humidity. I don't generally keep canned goods (wet canned goods.. I have one shelf unit full of dehydrated canned stuff in #10 cans) in there.. but except for the one time I made a MAJOR mistake, even regular canned goods seem to last for years without any real rust problems.
The major mistake was putting a flat of purchased tomato puree on the shelf STILL IN IT'S CARDBOARD FLAT. That pressed against the cement block wall, and wicked moisture from the wall. In 3 years, it rusted out the can bottoms until they began leaking everywhere. What a mess!!
The moral of that story is to keep everything away from the walls by at least an inch or so.
Of course, if you want it to store things like carrots and other root crops (and apples, which also like a lot of humidity) perfectly, then it will be a bit too damp to store canned stuff well. You will see rust on cans sooner or later. You can either choose to build shelves for those foods someplace else in the basement (as long as they are staying below 70° their shelf life is going to be pretty darn good) or dip each can in wax or something to help rustproof it. I store most storebought canned goods on lines of shelves which we built on the cement wall in the regular (unheated, but not opened to the outdoors to cool it down like the root cellar is) basement. I store all my home canned goods in closed cupboards (rescued from the kitchen when the house burned). Stuff lasts forever down there.. it just requires learning about the various "microclimates" (yeah, even in a basement) to figure out what stores best where. My onions and garlic proved to absolutely love the space right at the bottom of the stairs from the kitchen.. not quite in the basement proper, just a bit warmer than the rest of the cellar. It took a few years to find that out, though.
Summerthyme