Atlanta is set to get another film studio after private investment firm Domain Capital Group and real estate development company Capstone South Properties purchased a 17-acre property in Stone Mountain, Georgia. (Dan Rosenfelt’s new project)
Plans to build the facility, to be called Electric Owl Studios, will see construction on an initial six-stage, 300,000 square foot film studio be completed in January 2023.
“We believe the Electric Owl facility will be a best-in-class film and television production center that minimizes environmental impact and promotes a sustainable economic opportunity for the local community,” Domain managing director Chuck Taylor said in a statement.
Domain has a track record investing in media-, entertainment- and technology-focused companies. Now as U.S. streaming giants like Netflix and Amazon Studios increasingly take out long-term leases on existing and planned soundstages to produce their originals, major financial firms and real estate developers like Domain and Capstone have begun to invest in film studios as part of their overall asset property portfolios.
The studio lot industry has been the beneficiary as private equity and real estate investment trusts bet that the busy facilities filled with streaming projects will offer better returns than office towers and shopping malls. See more at THR.