Construction in Chicago: Damian Eallonardo and RE Journals

RE Journals tapped Damian Eallonardo, Regional President of W.E. O’Neil’s Chicago and Texas divisions, to share insights on the city’s construction market.

While Chicago is balancing optimism with financial strain, W.E. O’Neil is positioning itself at the forefront of the opportunities ahead. According to Eallonardo, the Chicago division’s project opportunities for 2025 are up 50% over last year, with particular strength in adaptive re-use, hospitality renovations, and office-to-residential conversions. While traditional office construction has slowed, he points to robust activity in multifamily, retail, and industrial sectors.

W.E. O’Neil is already a central player in some of the city’s most significant developments. In partnership with GMA Construction, the company is converting the historic 135 South LaSalle (the Field Building) into more than 700,000 square feet of mixed market-rate and affordable housing. The firm is also teaming with Clark Construction on a multi-year overhaul of O’Hare International Airport’s Terminal 3, underscoring its involvement in both urban redevelopment and large-scale infrastructure.

Eallonardo emphasized that financing remains the biggest hurdle, with rising costs and high interest rates challenging project feasibility. However, he noted that public incentives can shift the equation, making complex deals viable when city support is in play. Predictable union labor costs also help mitigate risk, giving Chicago a measure of stability compared to other regions.

Despite industry-wide uncertainty, W.E. O’Neil sees strong fundamentals in the market and is confident in its ability to navigate challenges. As Eallonardo put it, conditions may have slowed, but they are improving — and his outlook for Chicago construction remains bullish.