Construction Kicks Off on $500M LA Production Facility
Located in the San Fernando Valley, the high-tech facility is on track for completion in 2023.
Developers have broken ground on a $500 million production facility for TV and film in the Los Angeles area. The 300,000-square-foot facility, Sylmar Studios, is designed to be one of the most high-tech properties of its kind, according to the company behind the development.
The facility is the largest of its kind to be developed by a private company in Southern California in decades, according to Sylmar Studios. Located on a 27-acre site in the town of Sylmar, 20 miles from the cluster of major film and TV studios in Hollywood, Sylmar Studios will have 12 soundstages, 120,000 square feet of office space, and a 35,000-square-foot rental facility.
“We are designing Sylmar Studios to be one of the most technologically advanced production facilities in the world,” said Tony Guanci, CEO of Sylmar Studios, in a press release announcing the groundbreaking.
The project is expected to be completed sometime next year.
Los Angeles City Councilwoman Monica Rodriguez, who represents the Northeast San Fernando Valley where the forthcoming facility is located, said in a statement that the development will help to bring much-needed new jobs and new industries to the area.
Sylmar’s groundbreaking comes on the heels of several major production facility transactions in Southern California. Last fall, a Hackman Capital Partners and Square Mile Capital joint venture made headlines with its blockbuster $1.8 billion deal to buy CBS Studio Center. Just a month prior, a joint venture of King Street Capital Management and Alberta Investment Management announced a $500 million plan to invest in film production studios in the U.S.
On the East Coast, National Resources landed a $230 million refinancing last month for a 500,000-square-foot film studio in Yonkers, N.Y., just north of Manhattan.