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Development
Jun 18, 2009
By: Barbra Murray, Contributing Editor
The frozen credit market and shattered economy have caused the interruption or outright cancellation of development project after development project across the country, but such is not the case for an unlikely 1.8 million-square-foot mixed-use endeavor in Plymouth, Mass., about 40 miles south of Boston. Having just secured the Plymouth Planning Board's approval of a master site plan, developers of Plymouth Rock Studios can now proceed with on- and off-site activities for the fully funded, $500 million film and television studio compound.
Located on the 240-acre site of a former golf course, Plymouth Rock Studios will be developed by Plymouth Rock Real Estate Investments L.L.C. in three phases. The first segment, the nearly 1.1 million-square-foot studio production campus, will consist of a variety of facilities including production stages totaling 288,000 square feet; support buildings encompassing 224,000 square feet; a 61,000-square-foot post production/data center; a 600-seat theater; and approximately 200,000 square feet of office space.
Construction of office space may seem impractical, given that the office vacancy rate in Suburban Boston is 15.2 percent, according to a recent report by real estate services firm Grubb & Ellis. But there is a method in the madness. "There is a demand for office space, and we have done some tentative pre-leasing," Brad Soule, Plymouth Rock Studios project manager, told CPN. While office space is being marketed to all types of companies, much of it will house film-industry related businesses. "There is a half-million-dollars worth of movies being produced in Massachusetts this year. There's a real need in the state for studio space, production facilities and sound space, and this will be the first studio complex in the nation that has both pre- and post-production facilities." It will also be the biggest film and television studio property in the Northeast.
The second phase of Plymouth Rock Studios calls for the construction of the 524,000-square-foot studio amenities campus, which will feature, among other offerings, studio shops, restaurants, a 300,000-square-foot hotel and 96,000 square feet of short-term residential apartment space. Phase three will result in the 179,000-square-foot education research campus containing 100,000 square feet for research offices, 39,000 square feet of collegiate education facilities and 40,000 square feet for permanent artist housing.
All three segments will include parking garages totaling more than 800,000 square feet to accommodate the entire development. Architectural firm Gensler is behind the project's design, and Tishman Construction is serving as the general contractor.
Plymouth Rock Studios will also be green--in fact, it will be the first LEED-certified studio complex in the world, and the first such complex built with a smart technology infrastructure. "Not only is it going to be built with the latest technology, it will be a showcase for green operations and green living," Soule said. "Our goal is to have a zero carbon footprint by 2030." Additionally, two-thirds of the sprawling site will be dedicated open space, the majority of which will be accessible to the public.
Plymouth Rock Real Estate Investments managed to escape the ravages of the credit crunch by not relying on loans. "Basically, we have the financing in place; it's private financing," Sole explained. "We started raising the money two years ago. It was a more difficult process than we had hoped it would be, but we're ready." They're ready, but with no thanks to a public financing package they originally pursued in January of this year. Plymouth Rock Studios marked the first project application for Massachusetts' Infrastructure Investment Incentive Program, also known as I-CUBED. The economic incentive package was created in 2008 to help finance, through the issuance of state bonds, public infrastructure upgrades for developments that would create new jobs and tax revenue. Plymouth Rock Studios, which will bring to the area an estimated 1,500 construction jobs during the building process and as many as 2,000 jobs when the project is fully operational--was rejected for the program just last week.
The show, however, goes on. Next, the developers must secure approval of Plymouth Rock Studios' soundstage and office buildings design from the Planning Board. The first hearing on the matter could take place by summer's end. If all goes as planned, the studio production segment will reach completion in 2010. Full build out of the entire gargantuan development is on track for 2013.
By: Barbra Murray, Contributing Editor
The frozen credit market and shattered economy have caused the interruption or outright cancellation of development project after development project across the country, but such is not the case for an unlikely 1.8 million-square-foot mixed-use endeavor in Plymouth, Mass., about 40 miles south of Boston. Having just secured the Plymouth Planning Board's approval of a master site plan, developers of Plymouth Rock Studios can now proceed with on- and off-site activities for the fully funded, $500 million film and television studio compound.
Located on the 240-acre site of a former golf course, Plymouth Rock Studios will be developed by Plymouth Rock Real Estate Investments L.L.C. in three phases. The first segment, the nearly 1.1 million-square-foot studio production campus, will consist of a variety of facilities including production stages totaling 288,000 square feet; support buildings encompassing 224,000 square feet; a 61,000-square-foot post production/data center; a 600-seat theater; and approximately 200,000 square feet of office space.
Construction of office space may seem impractical, given that the office vacancy rate in Suburban Boston is 15.2 percent, according to a recent report by real estate services firm Grubb & Ellis. But there is a method in the madness. "There is a demand for office space, and we have done some tentative pre-leasing," Brad Soule, Plymouth Rock Studios project manager, told CPN. While office space is being marketed to all types of companies, much of it will house film-industry related businesses. "There is a half-million-dollars worth of movies being produced in Massachusetts this year. There's a real need in the state for studio space, production facilities and sound space, and this will be the first studio complex in the nation that has both pre- and post-production facilities." It will also be the biggest film and television studio property in the Northeast.
The second phase of Plymouth Rock Studios calls for the construction of the 524,000-square-foot studio amenities campus, which will feature, among other offerings, studio shops, restaurants, a 300,000-square-foot hotel and 96,000 square feet of short-term residential apartment space. Phase three will result in the 179,000-square-foot education research campus containing 100,000 square feet for research offices, 39,000 square feet of collegiate education facilities and 40,000 square feet for permanent artist housing.
All three segments will include parking garages totaling more than 800,000 square feet to accommodate the entire development. Architectural firm Gensler is behind the project's design, and Tishman Construction is serving as the general contractor.
Plymouth Rock Studios will also be green--in fact, it will be the first LEED-certified studio complex in the world, and the first such complex built with a smart technology infrastructure. "Not only is it going to be built with the latest technology, it will be a showcase for green operations and green living," Soule said. "Our goal is to have a zero carbon footprint by 2030." Additionally, two-thirds of the sprawling site will be dedicated open space, the majority of which will be accessible to the public.
Plymouth Rock Real Estate Investments managed to escape the ravages of the credit crunch by not relying on loans. "Basically, we have the financing in place; it's private financing," Sole explained. "We started raising the money two years ago. It was a more difficult process than we had hoped it would be, but we're ready." They're ready, but with no thanks to a public financing package they originally pursued in January of this year. Plymouth Rock Studios marked the first project application for Massachusetts' Infrastructure Investment Incentive Program, also known as I-CUBED. The economic incentive package was created in 2008 to help finance, through the issuance of state bonds, public infrastructure upgrades for developments that would create new jobs and tax revenue. Plymouth Rock Studios, which will bring to the area an estimated 1,500 construction jobs during the building process and as many as 2,000 jobs when the project is fully operational--was rejected for the program just last week.
The show, however, goes on. Next, the developers must secure approval of Plymouth Rock Studios' soundstage and office buildings design from the Planning Board. The first hearing on the matter could take place by summer's end. If all goes as planned, the studio production segment will reach completion in 2010. Full build out of the entire gargantuan development is on track for 2013.
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