BY: NASIFA SADAF NASER
Northcrest is pleased to announce that PSP Investments (PSP) and Hackman Capital Partners (HCP) have inked an agreement that will see Downsview become home to a new world-class television and film production facility. HCP will invest at least CAD$200 million through its subsidiary Manhattan Beach Studios to create about 1 million square feet of sound stages beginning in 2022, producing at least 2,500 new full-time, well-paying employment.
The project will also create thousands of more indirect employment, benefiting the adjacent Downsview neighbourhood and quickening Toronto's general economic recovery following the pandemic. All plans must be approved by the City.
Prior to the pandemic, film and television production contributed around $2 billion to the local economy each year. According to the Film, Television, and Digital Media Office of the City of Toronto, the demand for film and television production space is tremendous. All of this points to a promising and long-term future for the new Downsview studio location.
The studio announcement addresses many of the concerns raised by local residents and companies about the future of Downsview as an employment engine. Specific feedback included a drive to get things moving quickly, find significant anchor tenants, attract future jobs, and emphasize on innovation, arts, and movies.
Work on Phase I would begin in early 2022, with all construction occurring to the north of existing hangars and serviced by a dedicated access road, likewise to the north, to minimize interruption and traffic for surrounding people. Work on Phase II would begin in 2024 and would include the reworking of existing hangars and structures to provide hundreds of thousands of square feet of extra production space, offices, and other associated facilities.
PSP and its partners have held two comprehensive rounds of public engagement on the future of Downsview, involving over 1,300 people and dozens of organizations. The third wave of outreach is being planned for this summer. In the fall, a Framework Plan for the entire Downsview community will be presented to the City Council.