Bain Capital Real Estate said Tuesday it’s submitted plans with the city of Los Angeles to invest $450 million to develop a five acre studio site on Santa Monica Boulevard.
The entitlement process can take a year or more and the group is hoping to start development in February of 2023. The site is an old Sears building and parking lot, not too far from Paramount Studios.
The new urban campus called Echelon Studios will feature four 19,000-square-foot sound stages, a 15,000-square-foot flex stage and a 90,000-square-foot “creative village” of high-end bungalows. It’s the latest in a stream of announcements from various developers for new or expanded studio space as the proliferation of streamers boosted demand for content and places to make it.
Bain Capital Real Estate is a 2019 joint venture between Boston-based Bain Capital and boutique real estate development and investment firm BARDAS Investment Group, which is focusing on the content industry in LA. To date, the partners have either invested in or have a pipeline of projects encompassing 1 million square feet. The planned 550,000 square-foot urban studio campus will be one of the few new properties like it built in Hollywood in more than 20 years.
The development, at 5601 Santa Monica Boulevard, will include 350,000 square feet of creative space in two mid-rise office buildings with a central courtyard, shared specialized production space and exterior common areas for filming and events.
The partners said Echelon will also become the brand name of a dedicated content-media real estate platform offering concierge services like wellness and food and beverage to entertainment clients at its sites.