TORONTO—PortsToronto has announced that Cinespace Studios (Cinespace) has entered into a 30-year lease for Marine Terminal 52 to develop a studio facility for Toronto's growing media production business.
As part of the agreement, Cinespace will convert the 130,000-square foot warehouse facility into three production stages and support spaces, add parking to service the building's tenants and introduce improvements to the area, including a better storm-water management system.
Cinespace similarly renovated Marine Terminal 51 four years ago and has since developed that building into a hub for Netflix productions in Canada.
Cinespace's new development will support the fast-growing sector by attracting major productions and creating more than 300 new jobs at the site.
Currently the production industry is a $2.88 billion industry that generates more than 48,000 jobs per year in Ontario, the agency reported.
"We are proud to continue our investment in Toronto that started over 30 years ago,” explained Ashley Rice, president and co-managing partner at Cinespace Studios. “It's a privilege to partner with PortsToronto again and to be selected to develop Terminal 52 into a second facility that will meet the increased demand for production infrastructure. The Marine Terminal Studio Hub is an integral part of the Port Lands' revitalization and its future as a creative center for the city and the province."
