W.E. O’Neil‘s Eallonardo reports 50% Jump in Chicago project Opportunities Despite Market Headwinds
CHICAGO, IL – Despite ongoing financial pressures, W.E. O’Neil is experiencing important growth in potential Chicago construction projects,with opportunities for 2025 up 50% compared to last year,according to Regional President Damian Eallonardo. The positive outlook, shared with RE Journals, comes as the city navigates a complex economic landscape.
Eallonardo highlighted adaptive re-use,hospitality renovations,and office-to-residential conversions as key areas of strength,offsetting a slowdown in conventional office construction. He noted robust activity in the multifamily, retail, and industrial sectors, positioning W.E.O’Neil to capitalize on emerging opportunities.
The firm is currently involved in high-profile projects including the conversion of the historic 135 South LaSalle (the Field Building) into over 700,000 square feet of mixed market-rate and affordable housing, in partnership with GMA Construction. W.E. O’Neil is also collaborating with clark Construction on a multi-year overhaul of O’Hare International Airport’s Terminal 3.
Financing remains the primary challenge,Eallonardo stated,citing rising costs and high interest rates. Though, he emphasized the positive impact of public incentives and the stability provided by predictable union labor costs, offering a competitive advantage for Chicago compared to other markets.
“Conditions may have slowed, but they are improving,” Eallonardo told RE Journals, expressing a bullish outlook for the future of Chicago construction. W.E. O’neil, overseeing operations in both Chicago and Texas, remains confident in its ability to navigate current challenges and contribute to the city’s ongoing progress.
