Overton Hygienic Building

Type:

Office Building Historic Rehabilitation

Status:

32,000 S.F. Commercial Building Rehab Completed in 2007

Budget:

$8,000,000+

Financial Sources:

Historic Tax Credits / National Equity Fund
New Market Tax Credits / Consortium America VI
First Mortgage / Key Bank


Completed in 2007, The Overton is an adaptive reuse of a historic manufacturing/retail/office building located in the Bronzeville neighborhood on the South Side of Chicago. Designed by an African American architect for an African American entrepreneur, this building was once an essential element of a vibrant black community. Prior to restoration it was an abandoned eyesore and the contributions of the men who originally built it was largely forgotten.

The project was financed through a complicated structure involving new market tax credits, historic tax credits, conventional financing and developer equity. Current tenants include a social service nonprofit, a baseball academy training facility with batting cages and a full floor office tenant.