Alvarez will serve as an in-house producer for two-year-old Broad Green, which has been seeking to broaden its slate and move into mainstream wide-release projects.
An informed source said Alvarez has resigned from his post at Relativity Studios, where he was named last year as exec VP of production and president its multicultural division, and that Relativity is seeking a replacement.
“Straight Outta Compton” has been an outsized hit for Universal with $161 million in U.S. grosses. Alvarez has also produced the “Friday,” “Barbershop,” “Are We There Yet?” and “Ride Along” series, as well as “All About the Benjamins” and “First Sunday.”
“We have long admired Matt’s movies and incredible eye for material, and we are thrilled to partner with him,” said Gabriel Hammond, CEO of Broad Green Pictures, and Daniel Hammond, the studio’s chief creative officer. “Matt is a producer people love working with – we’re so excited to have him join the Broad Green family and cannot wait for him to do what he does best – make entertaining and original films for audiences everywhere!”
Broad Green has been focused mostly on adult-themed fare with its first wide release, “A Walk in the Woods,” grossing $28 million in a month and half. Its drama “99 Homes,” starring Michael Fassbender and Andrew Garfield, is in limited release.
“Broad Green Pictures is dedicated to providing its filmmakers with hands-on support during development and production,” said Alvarez. “Their collaboration with talent behind and in front of the camera shines through in the finished product. I am excited to work with the amazing team at Broad Green to continue to implement the company’s vision.”
Alvarez started his career at New Line Cinema/Fine Line Features, where he worked on Jackie Chan’s “Rumble in the Bronx” and Woody Allen’s “Deconstructing Harry.”
Alvarez will begin in the new post on Oct. 19. The mini-studio has been staffing up and ramping up production recently and unveiled two major projects this week.
Broad Green announced on Oct. 14 that it had acquired movie rights to Christina Baker Kline’s bestselling novel “Orphan Train” and had set up the project with Michael London and Janice Williams of Groundswell Prods. It also announced on Oct. 12 that it would produce John Ridley’s Los Angeles riots movie.