Another Studio-Office Project Planned in LA
Next Gen. Development filed plans to convert a cold storage facility into the Jesse Street Studios
It’s been quite the scene for studio and soundstage development in Los Angeles this year.
Now, more space is on the way after Next Gen. Development filed plans with the city to convert a cold-storage facility into the Jesse Street Studios — a 237,000-square-foot facility with office space and soundstage space — Commercial Observer has learned. The proposal extends the recent influx of new studio projects the past 18 months aimed at the growing demand from global producers like Netflix and Disney.
The project calls for four soundstages at 2333 Jesse Street is just outside of Downtown L.A. in the Boyle Heights neighborhood. It’s less than 1.5 miles from the former L.A. Times printing plant, which is set to be transformed by Atlas Capital Group into a much larger, “Hollywood-style” studio lot with 17 soundstages and 212,300 square feet of offices.
More than 1.2 million square feet of new soundstage space is either planned or under construction in Greater Los Angeles. Jesse Street Studios adds to the number of proposed projects that will increase the total available production capacity in L.A. when they are experiencing their highest levels of demand.
Applications for film permits have been on the rise since filming resumed last summer, and with the entertainment industry returning to an already low vacancy market, rents are also set to continue to climb. That’s why other major firms are stepping up their offerings. The biggest projects include Hackman Capital Partners’ plan to add more than 1.13 million square feet of studio and office space at Television City, and Hudson Pacific Properties adding more than 1 million square feet to a Hollywood project.