Ontario Construction News staff writer
Hackman Capital Partners (HCP) and its affiliate The MBS Group (MBS) will develop and operate the Basin Media Hub; a $250 million, purpose-built, state-of-the-art film, television and digital media hub to be located on an 8.9-acre waterfront site in Toronto’s Port Lands, the city announced last week.
Construction is planned to begin on the Basin Media Hub by 2023.
“It’s a privilege to be selected as the developer and operator of the Basin Media Hub. 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 under way, helping the city expand its studio footprint, and supporting all who are interested in working in the screen industry,” said Michael Hackman, CEO, Hackman Capital Partners
The HCP-MBS plan includes eight purpose-built sound stages, production office space, along with workshop and production support space. This $250 million investment is one of the largest contributions to Toronto’s film and television production ecosystem in more than two decades.
“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,” said Mayor Tory.
“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.”
Through its proposal, HCP-MBS has committed to establishing a Basin Media Hub endowment for a local training program with a $1 million initial investment. HCP-MBS will provide training space onsite and support site visits, talks and work experience opportunities for local schools to support careers in the film industry and support training and jobs for people from equity-seeking groups.
In addition to studio and production space, HCP-MBS will create a public promenade along the water’s edge, helping to transform the Port Lands into a more liveable space.
After construction, the expected economic impact of on-going 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 partnership is expected to create 750 jobs on-site as well as 880 indirect or induced jobs in the broader community.
HCP, a privately-held real estate investment and operating company, has also committed to establishing a $1 million fund to support and encourage Canadian content creation.
“Today’s announcement reflects the growing importance of Toronto’s $2.2 billion screen industry. I am encouraged that a global leader in studio production will build a critical studio expansion that will strengthen our film and television sector and boost Toronto’s economy,” said Deputy Mayor Michael Thompson.