$64 Million, 19 Acre Movie Studio Gets Tax Break From City

by • January 16, 2015 • Finance & Lending, Public Finance, West BankComments (2)5173

Deep South Studios 1

Rendering of the proposed Deep South Studios via Deepsouthstudios.com

A New Orleans-born Hollywood movie producer plans to turn a 19-acre former railroad yard into a $63.5 million film and television production facility in Algiers.

This week, developer Scott Niemeyer was granted a property tax abatement to keep the project moving.

This week, the Industrial Development Board granted the developer a payment in lieu of taxes (PILOT) for his proposed Deep South Studios in Algiers.  The PILOT lets Niemeyer pay a fixed fee for his taxes over ten years, rather than paying what would otherwise be fair market on the taxes for the improved property.  Reports estimate that the taxes would save the developer roughly $3.1 million over 10 years.

 Deep South Studios would be located on 17 or so acres of land near the Crescent City Connection and offer five sound stages, two production buildings and other space for a total 262,000-square-foot facility.  It would be the largest in the Gulf Coast, with the nearest similarly sized studios in Atlanta and Albuquerque, and the largest design-built independent film and television full-service facility ever constructed in the Southeastern United States.

So, who is this Niemeyer guy?  He grew up in Algiers but left in the 1980’s after school.  He returned home a few years nack and calls the Warehouse District his home.  He’s been working in the film industry, producing “Pitch Perfect” and 6 others in Louisiana.

The development team consists of Kent Design+Build, ILSI Engineering and developer Joe Jaeger’s MCC Group.

Word on the street is that Niemeyer is still looking for roughly $50 million in financing, and is seeking the money through the EB-5 program.

More pics below:

Rendering of the proposed Deep South Studios via Deepsouthstudios.com

Rendering of the proposed Deep South Studios via Deepsouthstudios.com

Rendering of the proposed Deep South Studios via Deepsouthstudios.com

Rendering of the proposed Deep South Studios via Deepsouthstudios.com

Rendering of the proposed Deep South Studios via Deepsouthstudios.com

Rendering of the proposed Deep South Studios via Deepsouthstudios.com

 

Pin It

Related Posts

2 Responses to $64 Million, 19 Acre Movie Studio Gets Tax Break From City

  1. […] Industrial Development Board of New Orleans approved a $3.1 million break for the facility in the form of a payment in lieu of taxes over 10 ye….   Niemeyer plans to raise equity from the EB-5 Immigrant Investor […]

  2. […] city council approved the measure last month, and the Industrial Development Board of New Orleans approved a $3.1 million break for the facility in the form of a payment in lieu of taxes over 10 ye….   Developer Scott Niemeyer plans to raise equity from the EB-5 Immigrant Investor […]

Leave a Reply

Your email address will not be published. Required fields are marked *