Lionsgate Entertainment’s plan to create a major film and television studio in downtown Yonkers continues to work its way through the city approval process.
In January, the city’s Planning Board gave its OK to the plan that would build a $100 million studio in the heart of the 24-acre iPark Hudson campus owned by National Resources of Greenwich, Conn.
And last week, the Yonkers Industrial Development Agency (IDA) granted preliminary approvals for tax incentives for the construction of the $60 million first phase of the approximately 109,000-square-foot development.
This comes six months after the Santa Monica, California-based studio company signed a letter of intent to occupy 80,000 square feet of new production space at the site of the former Otis Elevator property on Wells Avenue.
The full-service, modern entertainment complex will include 70,000 square feet of studio space and 38,600 square feet of ancillary back-lot spaces.
They hope to have a studio up and running in late Fall 2020, according to Yonkers Planning Director Lee Ellman.
The project is anticipated to create between 285 and 420 full-time permanent jobs as well as 400 construction jobs, according to the IDA.
In his presentation to the IDA Board, project developer Joseph Cotter of National Resources noted that the multiplier effect for this type of development is one of the highest in the industry. It is estimated that the new production facility will create $65 million annually in economic development because of the additional companies such as caterers and production people that will relocate to service the studios.
In recent years, film crews and production trailers have been spotted all over Yonkers and its neighboring communities. The goal now is to position Yonkers as the New York area’s premier filming destination.