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Hollywood Strike Affecting Atlanta Movie Studio Plans
Kane Studio’s was a go, until the writers and actors went on strike. The $700 million project would develop at least 1,600 acres in Chattahoochee Hills, a rural community of 3,000 residents about 30 minutes south of Atlanta. It’s near upscale community Serenbe. The film studio could include 32 sound stages at full buildout.
The Altanta Business Journal report that to make the project pencil out and secure financing, a tax abatement is needed, Kane Studio CFO Joe Briner told Develop Fulton, the county’s development authority. The group needs help with standard infrastructure requirements; roads, sewers, electricity.
Officials with Develop Fulton voted 6-2 to give preliminary approval on a $40 million property tax break over 10 years for the project.
Even though the board greenlighted the tax break, high interest rates and the ongoing strike threaten to bollix the deal.
- ◦Development
