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Are Production Studios Set to Become a Major CRE Asset Class?
wealthmanagement.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from wealthmanagement.com Daily Mail and Mail on Sunday newspapers.
A new movie studio is planned for the San Fernando Valley
latimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from latimes.com Daily Mail and Mail on Sunday newspapers.
California Set to Approve $330 Million Extra for Hollywood, Including New Soundstage Incentive Variety 7 hrs ago
That escalated quickly.
In May, Gov. Gavin Newsomannounced an extra $30 million for the state’s film and TV tax credit program. Not to be outdone, the Legislature offered $180 million over two years.
More from Variety
Now the two sides have reached a compromise: $330 million.
That includes the $180 million, plus a brand-new $150 million tax incentive to spur construction of new soundstages in the state.
“I’m very excited,” said Sen. Anthony Portantino, who represents Glendale and Burbank, and who pushed for the construction incentive. “If we build more capacity, that leads to more productions and more jobs.”
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The owners of the sprawling plant where the Los Angeles Times is printed plan to redevelop the site near the Arts District in downtown into a Hollywood-style lot with 17 soundstages to meet strong regional demand for movie and television production facilities.
The Times’ landlord, Atlas Capital Group, said it would file a proposal with the city Wednesday to build soundstages on parking lots around the plant on Olympic Boulevard as The Times continues to print papers there.
If the city approves the $650-million project, a second phase of development would eventually convert the cavernous 1980s-era building where printing presses now roll daily into soundstages after The Times departs. The Times said its lease on the printing facility may be extended for years, however.
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Welcome back to the Real Estate newsletter, where a wild first week of May was marked by two bizarre home listings, two massive mega-project announcements and an intriguing new possibility for one of the country’s most fabled estates to come to market.
Tyrese Gibson’s Woodland Hills home features a prop from a movie, while an infamous house in Alhambra features a dark past. Known as the Pyrenees Castle, the estate was where late record producer Phil Spector shot actress Lana Clarkson to death in 2003 following a drunken night out in Hollywood. After years on the market, it finally found a buyer.
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