Miami’s Omni Community Redevelopment Agency this week finalized an $11.5 million contract for a New York firm to open a movie and television production studio in the city’s downtown core.
EUE/Screen Gems, which operates production facilities in New York, Atlanta and Wilmington, N.C., will develop a Miami Entertainment Complex in a 71,000-square-foot space at 50 NW 14th St., about two blocks west of the Arsht Performing Arts Center.
The agency granted preliminary approval in November to EUE/Screen Gems for the project. The deal announced this week said the agency will use property taxes to reimburse EUE/Screen Gems up to $11.5 million in development costs.
Construction is expected to take about 15 months, after which EUE/Screen Gems will lease the entertainment complex for 10 years with an option to renew for nine more years. The annual lease will be $100,000 plus an 11 percent revenue share.
“Today we are securing Miami as one of the top destinations for film production in the Southeast,” Omni CRA chair Marc Sarnoff said in a statement. “The creation of this mixed-use studio is a major step forward in revitalizing the film industry in Miami and the Omni District.”