Film studio planned for West Side
The owner of a Toronto film studio said Tuesday he has purchased 48 acres on Chicago's West Side as the home of a complex for movie and TV show production.
Nick Mirkopoulos, chairman of Cinespace Studios, said he signed a contract for the Ryerson Inc. headquarters and old metals plant at 2558 W. 16th St. The property contains nine buildings, and Mirkopoulos said he'll start converting some of the space as soon as January.
He said he paid about $20 million for the property. The entire project should represent a more than $80 million investment over several years and create "several thousand jobs," Mirkopoulos said.
"Hopefully, we will be in high gear early next year," he said. He foresees a business based mostly on Hollywood film releases whose production companies are drawn by state tax incentives. The state offers a tax credit on 30 percent of Illinois production costs and worker salaries.
The Illinois Senate on Friday endorsed a $5 million grant for the operation, to be called the Chicago Film Studios. Mirkopoulos said he also received cooperation from City Hall and labor unions in pursuing his plans.
"We're very happy about this project because it will provide work for many union members," said Brian Rainville, executive director of Teamsters Joint Council 25. "Remember that each movie production is a major construction project."
The deal was first reported by Ruth Ratny's reelchicago.com.
Mirkopoulos said Cinespace has been involved in more than 700 major films. Among its production credits are the "Saw" movies, "Chicago" and "Good Will Hunting."
Terence Rogers, chief financial officer at Ryerson, declined to comment on the property. The company put the West Side location up for sale several months ago as part of plans to scale down Chicago operations.
Mirkopoulos said Ryerson will remain on part of the property for up to five years.
He said the deal marks a major expansion for his company, from which he's hoping to retire soon. "I might spend some of my retirement in Chicago because you have all that wonderful Greek food there," he said.