The story centres on three siblings who return to their parents' home for the holidays in the Chicago district of Humboldt Park.
State Street's Robert Teitel and George Tillman Jr will produce while Rodriguez will serve as executive producer with Rene Rigal and 2DS' Reid Brody and Paul Kim.
Alfredo De Villa is attached to direct the screenplay by Rick Najera, Ted Perkins and Alison Swan. Overture's executive vice president of production and acquisitions Sean Furst will oversee production for the studio.
'After working so successfully with Tillman and Teitel on the Barbershop and Beautyshop movies we knew a reunion was inevitable,' Overture CEO Chris McGurk said. 'We're thrilled to be back in business with such a terrific producing team.'
'Alfredo is an ambitious and talented director that we know will bring creative passion to this film,' COO Danny Rosett added. 'Additionally, I couldn't be more pleased with the casting of John and Freddy as the start of a compelling ensemble.'
Overture will launch its release slate on January 18 2008 with the comedy Mad Money starring Diane Keaton, Queen Latifah and Katie Holmes.