Coincides with passage of enhanced tax incentive
Toronto’s Cinespace is developing a 30-acre complex in the western part of the city, with 50,000 square feet of production offices available now and studio space in early 2010.
The new acquisition will make the company Canada’s largest provider of film studio space, according to Cinespace prexy Steve Mirkopoulous.
The announcement coincides with the provincial government’s vote into law Tuesday of an enhanced Ontario film tax credit, refunding 25% of eligible spending. The credit took effect June 30.
Situated in the suburb of Etobicoke, midway between Toronto’s Pearson airport and downtown, the property has structures totaling 1 million square feet, including the industrial buildings of a glass factory shuttered in the late 1990s. The site has been previously used for filming.
We are already talking to productions greenlit for Toronto,” Mirkopoulos said. “It’s quite possible the first one or two projects may appreciate the unique architecture and use the structures as a location, so we can custom build the space to their needs.”
The new complex should provide an economic boost to the area, which is a 10-minute drive from downtown, where film equipment supplier William F. White and post house Deluxe have shops.
Cinespace operates its flagship studio in Toronto’s east end, where “Resident Evil: Afterlife” and “Saw 7” are in production.
As of Jan. 1 our existing studios will have no vacancy, so the expansion comes in very timely,” Mirkopoulous said.