In yet another testament to the need for studio and production space in Los Angeles, Atlas Capital Group says it will roll out a new $650M studio and creative complex including soundstages, production facilities, offices and restaurants.
The company said today that it has filed plans with the city of Los Angeles to redevelop a 26-acre site just south of the Arts District.
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The property at Alameda Street and Olympic Boulevard is home to the Los Angeles Times printing plant, which is still active.
The first phase of the project to be built will bring five new structures to the large on-site parking lot, "all built first to minimize disruption of printing operations," Atlas said in a statement. The new additions would include six soundstages and a nine-story parking garage.
That part of the project would only account for a third of the project's total square footage. The majority of the project, called 8th and Alameda Studios, would involve repurposing the printing plant itself. The conversion would create 11 soundstages, executive offices and a full-service restaurant.
The LA Times has a lease at the printing plant through 2023 with options to extend "for at least a decade," the Los Angeles Times reported.
Bastien Associates Inc. designed the studio and associated buildings, while RIOS developed the conceptual site plan and landscape architecture for the project.
New York-based Atlas Capital bought the Times’ printing plant in 2019, paying $240M, the Times reported at the time.
Atlas Capital also owns The Row DTLA, a former produce market that the company converted into hip retail, dining and office space, which sits less than a half-mile north of the proposed studio project. Further north, on Fourth and Alameda, Denver-based Continuum Partners announced its plans to build a $1.5B project on the site of a cold storage facility.
Atlas is planning for a spring 2022 start date for the first phase of the project.
Earlier this month, a joint venture between BARDAS Investment Group and Bain Capital Real Estate announced plans to build a $450M film studio project on a city block in Hollywood. In March, the owners of Television City in Fairfax announced plans for a $1.25B expansion and update of the property.
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