Massive Film Studio being planned in South Shore

Big Film Studio being planned in South Shore

The South Side is about to see more film-making in the area as a big film studio is being planned in South Shore. Namely, Derek Dudley, who produced the Showtime series "The Chi", plans to bring another studio to Chicago. It is going to be huge, spreading on as much as 6.5 acres. 

Block Club Chicago states that two South Side investors are planning this studio near the Avalon Regal Theater, hoping to boost Chicago's film industry and get kids of color involved in media production.

The Regal Mile Studios would bring a "state-of-the-art media campus" with 220,000 square feet of studio space to the far southwest corner of South Shore.

The studios are set to open in late 2022 or early 2023 and the estimated cost for the project is $60 to $70 million.

The location of the studios will be built on properties at 1431-1525 E. 77th St. and in the 7700 blocks of Blackstone, South Chicago, Harper and Stony Island Avenues and will be pending city approval.

The studio got its name from the deteriorating Avalon Regal Theater on 79th Street near Stony Island Avenue but will not incorporate the aging theater. The developer, Derek Dudley, who produces "The Chi" on Showtime says that the idea is to bring the 79th Street Corridor back to its previous glory. 

Crain's Chicago Business states that thanks to the streaming platforms like Netflix and Amazon Prime Video, there has been a considerable increase in film and tv production and a high demand for studio space. If the demand continues we will certainly see more big studios being built.

South Shore will benefit tremendously from this development. The goal is to generate job opportunities and further developments that will revive the entire area.

A development team led by ID8 Ventures, in which Dudley is a partner, and Loop Capital Markets submitted an application for a zoning change for the South Shore properties last week.

According to Chicago.gov, the future studio belongs to the Opportunity Zone, which means that there are some tax benefits for the developers. They are eligible for these tax breaks because they will be investing in poverty-stricken neighborhoods where unemployment rates are high. It is a definition of a win-win scenario.

Block Club Chicago reports that the developers have also begun cooperation with the Chicago Public Schools. They have a plan to offer educational opportunities for everyone interested in film and production. The programs are particularly designed to attract black and brown youngsters.

 

Entertainment Venue Projects 970x90

 

Loop Capital CEO Jim Reynolds, who, like Dudley, grew up in the South Side and near the studio location, is very enthusiastic about the project and it is reflected in the way he talks about young people working behind cameras and learning about the production and film industry in the community where they all grew up. Also, they firmly believe that the Regal Mile Studios will get the children and people in this neighborhood involved in the project.

With the Regal Mile Studios planned along 77th Street, the Sisters in Cinema media center planned for 75th Street and the Regal Theater awaiting a rebirth on 79th Street, South Shore is primed to be a hub for film in Chicago.

It's a perfect location for such activities as there are some beautiful parks and great housing stock. Also, the Stony Island urban landscape is an excellent background for films and series. And coupled with the increase in demand we mentioned above, it shouldn't be surprising if more plans for new film studios spring up. And so, as Derek Dudley says, this part of Chicago will really become "the Hollywood of the Midwest."

The trend to build studio space is present in other locations too. Knickpoint Ventures is currently looking for a partner to invest in a new $200 million production studio. There is also a plan for an office complex redevelopment, located at the former Marshall Field's warehouse.

Of course, such projects are fantastic news for the entertainment industry. But they also affect some other fields. According to mastermovingguide.com, many construction workers have moved to areas where the increase in development is visible. Thus, along with new job opportunities for these workers, the moving industry also continues to thrive.

If the plan for the new film studio in South Shore is a success, it will create thousands of jobs. These jobs will be of both direct and indirect nature to the project. Also, it will give a significant boost to the area that has lacked investment for decades. The benefits it will bring to the neighborhood and its residents are undeniable. But it will also enhance Chicago's film-making credentials.

 

Posted by Judy Lamelza

Need the details on a specific Project or Company?
 
See how DataBid can help your company find projects and increase your odds of winning.

 

TRY DATABID TODAY

PlanHub Logo Wide
Entertainment Venue Projects 550x550