The South Side of Chicago has a production studio.
Regal Mile Studios, a 220,000 square foot, 6 acre media campus with sound stages, will be built later this year. Gersh industrial agency led negotiations with industry partners for the new development.
“Chicago, like many other key markets, has long been at full capacity,” says Roy Ashton, partner at Gersh. “With increasing demand for content on media platforms and movie tax credit legislation poised to expand in Illinois, the opportunity to finally expand the calling position of this great city is stronger than ever. “
Owned by ID8 Ventures LLC with investment bank Loop Capital, the privately funded project anchors Mayor Lightfoot’s Invest South West initiative with a focus on new developments on the south side. ID8 Ventures co-management partners include Joseph Dabbah, Susan Cronin and Derek Dudley, native of the city and producer of the Showtime series Chi.
“It’s a longtime dream for me to help energize the entertainment industry in my hometown, right in the neighborhood where I grew up,” says Dudley, noting that the project has been underway since 2018. “The support from the community has been amazing.
Regal Mile Studios submitted its application for Phase One rights earlier this year and aims to begin construction in the fall of this year, with the hope of completing it by fall 2022. Dakota Development , who has decades of experience in building 5 star hotels, building space. It is planned to include a gym, recreation area and hospitality.
With the addition of Regal Mile Studios, Chicago has three new sound stage projects in development. There are a total of two new developments and an expansion of an existing facility, all in different areas of the city. This comes at a time when there is an increasing demand for production facilities.
“In order to bring Illinois film and television production spending to $ 1 billion a year, the biggest need for them is the addition of another studio complex. More studio space equals more productions, which leads to more jobs, ”says Peter Hawley, deputy director of the Illinois film office. “Illinois Film Office Approves Regal Mile Studio Project.”