City Hall is recruiting a private developer to build 500,000 square feet of stages and facilities on a chunk of land next to Pinewood Toronto Studios.
Toronto is taking offers from developers to turn a chunk of land on the city’s waterfront into a 500,000 square foot film studio as demand by Hollywood for soundstages in Canada grows.
CreateTO, the city’s real estate agency, has tapped a real estate broker, Cushman & Wakefield, to accept offers to develop the Basin Media Hub on 8.9 acres along the city’s waterfront.
Representatives at Cushman & Wakefield tell THR interest has been fielded from private equity funds, real estate investment trusts and studio operators and developers. The property will be offered to a studio developer under a long-term lease, with the winning proposal to be designed, financed, constructed and opened within three years.
Toronto is also looking for the eventual film studio to match the scale and standards of the neighboring Pinewood Toronto Studios and Cinespace Marine Terminal Studio, where Netflix has long-term leases on soundstages to produce its originals.