The City of Toronto is ready to establish itself as a premier destination for film and television shoots, announcing the construction of a new $250 million media hub.
Mayor John Tory announced on Tuesday that the City and CreateTO are partnering with Hackman Capital Partners and its affiliate, The MBS Group, to develop the Basin Media Hub — a purpose-built, state-of-the-art film, television, and digital media hub.
“The development of the Basin Media Hub in the heart of the Media City District will help us increase production capacity in the film, television and digital media sector, create new jobs and employment training opportunities and further enhance our ability to attract and retain production investment from around the world,” Tory said. “This is a major investment in the future of Toronto’s screen industry and I look forward to seeing this $250 million project get underway – it will help ensure that our city comes back stronger than ever.”
The new development will go on an 8.9-acre waterfront lot in Toronto’s Port Lands at 29, 35, and 41 Basin Street. There will be a total of eight sound stages, plus production office space and workshop and production support space.
And it’s not just the media industry who will benefit — the general public will too. Hackman Capital Partners and The MBS Group will also work with the City to build a public promenade along the waterfront.
“It’s a privilege to be selected as the developer and operator of the Basin Media Hub,” said Michael Hackman, CEO of Hackman Capital Partners. “The City of Toronto is an economic hub for the creative economy in Canada and already a film and television production powerhouse. We’re very much looking forward to getting this project underway, helping the city expand its studio footprint, and supporting all who are interested in working in the screen industry.”
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The new studio is expected to generate substantial revenue for the City with an estimated $119 million in net contribution to GDP and $32 million in tax revenues across all levels of government. It will also create 750 jobs on-site as well as 880 indirect or induced jobs in the broader community. Hackman Capital Partners and The MBS Group will also establish a $1 million fund to support and encourage the creation of Canadian content.
Construction is expected to begin in 2023, but no completion date has been announced as of yet.