Add yet another studio to the many film and media studios popping up in Detroit. Tuesday, Wonderstruck Studios and SHM Partners announced plans to invest $85.9 million in a new film, visual effects and animation studio in downtown Detroit.
"I'm very excited to be bringing this business basically to my home town," says Michele Richards, who is a partner in the venture and a Detroit native.
The Detroit Center Studios will be located in MGM Grand’s former temporary casino and is expected to create 413 jobs.
"Everyone is now making sure Michigan is on the shortlist when they're looking at producing," Richards says about Hollywood’s new interest in Michigan as a production site. Film incentives that include up to a 42 percent rebate on state taxes have prompted numerous Hollywood-based investments in the state.
The studio is expected to be up and running by the end of this year. The MEGA board recently approved a $16.9 million state tax credit for the Detroit Center Studios.
"We believe that if this is done right, we'll be able to provide jobs for decades to come," she says.
Source: Chelsea Niemiec, D+P Company
Writer: Ivy Hughes is the managing editor of Capital Gains