$250 million film, TV studio coming to Toronto Port Lands
Posted November 16, 2021 2:53 pm.
The red carpet has been rolled out for more studio space in the the film and television industry in Toronto.
The construction on a brand new Basin Media Hub in the Port Lands will begin in the next year, the announcement of the project was made by Mayor John Tory on Tuesday.
The production house will be built on nearly nine acres of land near Lake Shore Boulevard East and Carlaw — it will include eight sound stages, office space, workshops and production support space, and public space along the waterfront.
“Coming in the wake of the pandemic, this is a huge vote of confidence in Toronto as a city, and Toronto as a film, television and digital production location,” said Tory.
Tory says CreateTO did a search and agreed to terms with Hackman Capital Partners (HCP) to come up with a solution for the much needed studio space in the city.
The company will spend $250 million to build the approximately 500,000 sq. foot production hub. Construction is expected to begin on the project by 2023.
The city says the expected economic impact of film studio operations includes “$280 million in economic activity, $119 million in net contribution to GDP and $32 million in tax revenues across all levels of government.”
The new project is expected to create 750 jobs that will be on-site, and another 880 jobs that will be indirectly created as a result of the economic bump.
HCP is a privately-held real estate investment company that specializes in buying and renovating commercial, industrial and studio properties.
With files from CityNews reporter Momin Qureshi
