Wyndcrest Holdings, the investment firm that owns vfx studio Digital Domain, is preparing to launch a $50 million digital production studio in Florida.
Contrary to published reports, DD is not formally connected to the venture. The management of Venice-based Digital Domain will decide to what degree it wants to be involved with the new studio, if at all.
The still unnamed studio, to be located in Port St. Lucie, will develop original content for feature films, games and animation.
Also in its plans is a defense industry applications division, which hopes to provide high-end CG imagery for military training and other Pentagon projects.
Florida already boasts one of the world’s largest concentrations of military “modeling, simulation and training” projects, which leverage some of the same virtual-reality technologies used in the area’s theme parks.
Wyndcrest is already recruiting senior execs for the studio, including an exec VP to head the defense division.
Incorrect Internet news reports surprised DD management and left Wyndcrest scrambling to correct the story Thursday.
A Digital Domain spokesman said, “Like every other studio in California, Digital Domain is looking to expand into other regions, both inside and outside the U.S. Wyndcrest’s planned Florida studio may be one of Digital Domain’s expansion options in the future.”
The 150,000-square-foot studio is expected to create 500 jobs.
The principals of Wyndcrest are managing partner John Textor, former DD exec Jonathan Teaford and former NFL star Dan Marino.