Lionsgate to Build $100M Studio Downtown
By Dan Murphy
Another major investment into Yonkers, and its downtown, was announced last week when Lionsgate Entertainment agreed to anchor a film studio, partnering with Great Point Capital Management and National Resources on the deal.
The studio will be built at the former Otis Elevator property on Wells Avenue, and will take advantage of federal tax break zone credits.
“It’s rare to find a studio facility in such a prime New York metropolitan area location, and we look forward to being at the center of film and television production growth in the region,” said Lionsgate CEO Jon Feltheimer. “We’re pleased to partner with the Great Point and National Resources teams on a modern film and television production complex that will provide a great home for many of our content creation initiatives.”
Lionsgate will build an 80,000-square-foot studio of production space and will be a part of iParkHudson in the Yonkers downtown that already includes Kawasaki, Mindspark and the New York State Department of Motor Vehicles. Five different studios, ranging from 10,000 to 20,000 square feet, and a back lot, will be constructed at an estimated cost of $100 million.
The modern entertainment complex will provide an opportunity to create a location-based entertainment property similar to what Lionsgate has already established in China, the Middle East and elsewhere around the world.
Lionsgate will be the anchor tenant and has the naming rights for the studio.
“This is a game changer for the City of Yonkers and is a testament to the ongoing revitalization of our waterfront,” said Yonkers Mayor, Mike Spano. “Yonkers already hosts dozens of on-location shoots every year, with film days tripling over the last five years, so building a permanent sound stage here makes perfect sense. We are thrilled to have Lionsgate partner with Great Point Capital Management and National Resources to make this happen.”
Joseph Cotter, president of National Resources, added: “The City of Yonkers has been very supportive of Great Point Capital’s efforts regarding the studio facility. The growth and revitalization of Yonkers, as well as its proximity to New York City make it an ideal location for a film studio.”
Construction on the site will start this November, and the facility is expected to be up and running in late autumn 2020.
A key investment partner and project developer is National Resources. The company has operated in the New York area for 30 years and has tallied more than $1.5 billion of redevelopment. National Resources has a wide range of experience in design and construction, with projects including automotive dealerships, warehouse facilities, municipal facilities and retail stores.
This will be Lionsgate’s first major new studio in decades.
Lionsgate is a global content leader whose films, television series, digital products and linear and over-the-top platforms reach next generation audiences around the world. In addition to its filmed entertainment leadership, Lionsgate content drives a growing presence in interactive and location-based entertainment, video games, esports and other new entertainment technologies. Lionsgate’s content initiatives are backed by a nearly 17,000-title film and television library and delivered through a global sales and distribution infrastructure.
