Shamrock to build Manhattan Beach Studios.
The property will soon be the home of the Manhattan Beach Studios, a $77 million co-development of Shamrock Holdings Inc. and CFN/Flesch & Neuhauser LLC, experienced in studio development and construction and project financing.
Shamrock Holdings is the wholly owned investment company of the Roy. E. Disney family. President and chief executive is Stanley P. Gold.
The agreement between Shamrock Entertainment Investors II and TRW marks the first step in a plan to construct 14 sound stages for television and feature film production, along with offices and commissary. Construction for the first phase is scheduled to begin in July 1997.
"Because the entertainment industry is the fastest-growing business sector in Southern California, Manhattan Beach Studios represents an unprecedented economic opportunity," said Richard Gentilucci, vice president for real estate, Shamrock Holdings.
"And we are fortunate to have Ron Flesch joining with us, whose company is probably the foremost developer in the production facilities field."
"We are looking forward to having Manhattan Beach Studios as our neighbor," said Timothy Hannemann, executive vice president and general manager, TRW Space & Electronics Group. "This development will enhance our community by adding a clean industry with high-wage jobs."
TRW's existing development agreement with the City of Manhattan Beach allows for the use of the property as a studio facility. Six sound stages for multicamera TV, as well as theatrical offices and other production support facilities, will be constructed in Phase One of Manhattan Beach Studios. Eight more stages with office support will be built over the next few years.
When completed, Manhattan Beach Studios will have approximately 250,000 square feet of space for offices, a commissary, parking and related production facilities, as well as 10 18,000-square-foot sound stages, three 25,000-square-foot sound stages and one 30,000-square-foot stage.
Market research clearly demonstrates that the demand for state-of-the-art multicamera television production facilities far exceeds the supply. A recent survey of 256 sound stages in Los Angeles by the president of CBS Studio Center found an average of only six vacancies.
Demand continues to accelerate with the proliferation of television outlets such as cable, satellite and computer-based interactive programs. Today, almost 100 percent of series programming on network TV is produced in Los Angeles. In addition, film production was up more than 35 percent last year.
According to Flesch, the first phase of Manhattan Beach Studios will be completed in summer 1998. "We'll be ready for production of pilots for the fall 1998 television season," said Flesch, who recently finished construction of the first phase of CBS Studio Center. Flesch has developed more than 1 million square feet of commercial and residential properties.
Alice Neuhauser of Flesch & Neuhauser has a wealth of experience in motion picture and television financing at Carolco Pictures, serving most recently as president and CFO during its reorganization.
Bastien and Associates Inc., award-winning studio architects, have designed Manhattan Beach Studios to reflect the elegance of Art Deco in a contemporary framework that combines the best of traditional studio design with today's technological advances.
Manhattan Beach Studios is self-contained, privately financed and already approved. It will be located on the southwest corner of Rosecrans and Redondo avenues. -0-
MANHATTAN BEACH STUDIOS FACT SHEET WHAT: Manhattan Beach Studios will consist of 14 sound stages and related offices and support facilities designed for multicamera, live audience TV production. State-of-the- art stages that meet these requirements are in short supply in Los Angeles County, which is experiencing a serious shortage of production facilities of any kind. Ten 18,000-square-foot stages, three 25,000-square-foot stages and one 30,000-square-foot stage will be built in four phases, along with 250,000 square feet of production facilities, including mill, shop, commissary and storage, as well as offices and a parking structure. The cost of Manhattan Beach Studios is estimated at approximately $77 million. WHO: Shamrock Entertainment Investors II is a partnership of Shamrock Holdings Inc., the wholly owned investment company of the Roy E. Disney family and CFN/Flesch & Neuhauser LLC, experts in sound stage development and contracting, as well as television and motion picture financing. Richard Gentilucci, Shamrock's vice president of real estate, is in charge of the studio project for Shamrock Holdings. Manhattan Beach Studios has been designed by Gary Bastien, AIA, Bastien & Associates, the foremost architect of state-of-the-art sound stages in California. WHERE: Manhattan Beach Studios will be located in Manhattan Beach at the corners of Redondo and Rosecrans avenues on 22.5 acres purchased by Shamrock Entertainment Investors II from TRW, a leading corporate citizen in that community. The site is mostly vacant land, with a modular office structure, storage facility and parking lot, all of which will be removed. WHEN: Manhattan Beach Studios will break ground on Phase One in July 1997. Six sound stages with offices, production support facilities and parking will be ready for production of pilots for the fall 1998 television season.
CONTACT: Burks Hamner Associates
Richard Gentilucci/Ron Flesch, 818/845-4444
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|Date:||Nov 25, 1996|
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