In the southern part of Chicago, the construction of a new film studio, Regal Mile Studios, was started. There will be five pavilions, a gym, a cafeteria and recreation areas.
A new movie studio is being built on a seven-acre lot and is expected to open next year, turning Chicago into “Hollywood in the Midwest” and creating hundreds of jobs for local residents.
The studio will be built on land that has been empty for more than two decades. The Regal Mile Studios project was created by Derek Dudley, producer of the Showtime series “The Chi”, and Jim Reynolds of Loop Capital Real Estate Partners.
According to Mayor Laurie Lightfoot, this privately funded facility will not only enhance Chicago’s role in the film industry, but will also help the development of the city.
“This investment will benefit the entire South Side of Chicago and the city as a whole,” Lightfoot said at the groundbreaking ceremony.
“We’re going to hire these young people, revitalize this community and bring economic activity, jobs and hope back here,” said Reynolds, who grew up in Englewood.
In November 2021, the City Housing Committee agreed to sell a vacant piece of city land on South Shore for $31,000.
Lightfoot says that the project will complement the INVEST South/West program aimed at stimulating economic activity in disadvantaged areas of the city. The authorities said that more than $2 billion of private and public funds were allocated as part of a development program in the southern and western parts of the city.
Movie production revenues reached a record $700 million in Chicago last year and may exceed that figure this year.