Toronto names developers for Basin Media Hub
The City of Toronto has selected a team to develop and operate a $250-million purpose-built, state-of-the-art film, television and digital media hub on its waterfront lands.
Mayor John Tory announced on November 16 that the city will work with Hackman Capital Partners (HCP) and its affiliate The MBS Group (MBS) to develop and operate the facilities. The hub will be located on a nine-acre waterfront development parcel on Basin Street in Toronto’s Port Lands.
“The development of the Basin Media Hub in the heart of the Media City District will help us increase production capacity in the film, television and digital media sector, create new jobs and employment training opportunities and further enhance our ability to attract and retain production investment from around the world,” said Tory. “This is a major investment in the future of Toronto’s screen industry and I look forward to seeing this project get underway.”
The HCP-MBS proposal, which was approved by CreateTO in October and by Toronto City Council last week, includes eight purpose-built sound stages, production office space, along with workshop and production support space. The city says the investment will be one of the most significant contributions to Toronto’s film and television production ecosystem in more than two decades.
“The proposal submitted by Hackman Capital Partners and The MBS Group represents a tremendous opportunity for the city,” said CreateTO’s CEO Steven Trumper. “The development of this studio complex signifies a major step forward in the continued revitalization of the Port Lands and is the kind of city building CreateTO is mandated to do. This is an exciting addition to Toronto’s east end and I look forward to its completion.”
In addition to providing much-needed studio and production space within the city, the proposed development will provide the opportunity for HCP-MBS to partner with the city to deliver a public promenade along the water’s edge, helping to further transform this area of the Port Lands into a healthier and more liveable space for workers and visitors alike.
The HCP-MBS partnership was selected through a competitive market offering process. HCP is a privately held real estate investment and operating company that specializes in buying, renovating and re-imagining commercial, vintage industrial and studio properties. MBS is an industry-leading studio operations, production services and studio-based equipment provider.
After completion of construction, the expected economic impact of ongoing film studio operations includes $280 million in economic activity, $119 million in net contribution to GDP and $32 million in tax revenues across all levels of government. The project is expected to create 750 jobs on-site as well as 880 indirect or induced jobs in the broader community.
Construction is planned to begin on the Basin Media Hub by 2023.
Featured image: Artist's rendering of the Basin Media Hub. (City of Toronto)