The former Overton Elementary School in Grand Boulevard would be converted into a shared office and entrepreneurship space through $5 million in financial assistance proposed to City Council today by Mayor Lori E. Lightfoot.

Located at 221 E. 49th St. and being developed by 221 East 49th St. LLC, the Overton Center of Excellence project would cater to local tenants focused on CHANGE-related issues (climate, health, arts and culture, next generation, growth, and education). Half of the funding would be provided through Tax Increment Financing (TIF), the remainder as a Chicago Recovery Plan (CRP) grant. Total project costs are estimated at $16.8M.

Named for Chicago Bee Founder Anthony Overton, the school building closed in 2013. TIF allocates property tax growth within designated TIF districts for public and private improvement projects.

Chicago Recovery Plan grants are issued by the City of Chicago for projects that promote an equitable economic recovery from the COVID-19 pandemic.

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