Allen Park Closes on Purchase of Land
| Unity Studios, Allen Park |
|
|
The City of Allen Park has closed on its purchase of 104 acres of land at Southfield Road and I-94, a critical final step in the establishment of Unity Studios & Village on the site as well as other entertainment industry related businesses. On October 27, $25.3 million in long-term general obligation bonds and $3 million in Wayne County Issued Recovery Zone Bonds were sold to finance the land purchase. The bonds, which received a solid investment grade credit rating of "A" by Standard & Poor’s, sold in less than one minute.
With the land and buildings now owned by the city, "tenant leasing and property development can commence full speed ahead," said Allen Park Mayor Gary Burtka. "While this project has not moved as quickly as we had initially planned for a variety of reasons, it is moving forward, and the city’s objectives remain unchanged" Burtka said. "Certainly the financial market, regional economic conditions and discussion in Lansing about making legislative changes to the Film Credit were key factors in the delay to name a few."
The bonds were purchased by PNC, a major bank and financial services firm. The PNC Financial Services Group, Inc. is one of the nation's largest diversified financial services organizations. In addition, the city has selected Southfield-based REDICO LLC to develop and manage the 104-acre site. REDICO will work closely with city administration to implement the site’s master development plan. One of REDICO’s primary goals will be to develop the property with an eye toward attracting other related businesses to the site.
"Unity Studios along with the other existing tenants is obviously the centerpiece of this development, but our goal is to attract a number of other strategically targeted businesses to the site to create a world class entertainment industry complex," Burtka said.
Unity Studios is majority owned and operated by a group of investors from Los Angeles and Michigan, including veteran Hollywood executive Jimmy Lifton. Originally from Southfield, Lifton has been in the business of entertainment for 30 years. Located on the grounds of Unity Studios, the Lifton Institute for Media Skills (LIMS) has started classes and is implementing one of the largest retraining programs in Michigan.
On November 6, WAR Entertainment, a film and TV production company, announced it is relocating to the new Unity Studios complex. WAR owner, Dale Davis, who played for the Detroit Pistons from 2005-2007, said WAR will begin production of television shows at Unity in 2010.
November 2009
| 
