December 15, 2009 16:49 ET
TORONTO, ONTARIO--(Marketwire - Dec. 15, 2009) - Cinespace Film Studios ("Cinespace"), Toronto's 21-year film studio veteran, has announced the acquisition of a 30-plus acre property for the development of their next and most ambitious film studio complex.
"Today we finalized the purchase of 777 Kipling Avenue in Etobicoke, and we are looking forward to redeveloping this site into yet another bustling hub of creative economic activity," announced Steve Mirkopoulos, President of Cinespace.
"With the Province's recently enhanced tax credit, Ontario is now one of the most competitive and stable film jurisdictions globally, so the timing of this project for both our company and our industry could not be better. We are able to offer both domestic and international film and television producers exciting new space options in the form of production office suites right away, and film studio spaces in early 2010.", said Mirkopoulos.
The planned multi-acre complex will feature multiple studios with connecting production office suites, ample support space and abundant parking areas. The project will be a natural fit with this area of Etobicoke - an already burgeoning film district with lighting and equipment supplier William F. White, post-production house Deluxe Laboratories and studio facility Dufferin Gate only minutes away. Additionally, the site is an approximate mid-way point to Pearson Airport from downtown Toronto, and an efficient starting point to popular filming locations in Hamilton.
Mirkopoulos added, "We have a well-established track record of developing film production facilities in Toronto, and this will be our most ambitious project yet. We look forward to meeting our new Etobicoke business neighbours, and watching our film industry clients provide them with the same economic spillover benefits that east-end Toronto businesses have enjoyed for well over 20 years. This will be a win-win for our industry and for this area of Etobicoke."
About Cinespace Film Studios: Cinespace is Toronto's leading provider of film studio space, having developed over 1,000,000 square feet of film production space, and this acquisition will make Cinespace the largest film studio in Canada. Cinespace is currently home to feature film projects "Resident Evil: Afterlife" and "Saw 7", both of which are shooting in stereoscopic 3D, as well as successful television series "Flashpoint", "Overruled!" and "Warehouse 13".
CinespaceJim MirkopoulosVP(416) 406-4000
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