CHICAGO — Knickpoint Ventures has topped off construction of The Fields Studios, Chicago’s first purpose-built film studio. Project costs total $250 million, according to Crain’s Chicago Business. Completion is slated for the first quarter of 2024. Plans call for nine sound stages totaling 132,000 square feet and more than 350,000 square feet of creative and production offices. The project is part of the larger redevelopment of the 1.5 million-square-foot, former Marshall Fields warehouse on the city’s Northwest side.
Gov. J.B. Pritzker introduced a development subsidy to spur the growth of additional sound stage infrastructure such as The Fields Studios. In March, he signed a 10-year extension of the state’s long-standing production tax credit for filmmakers. At capacity, The Fields Studios is expected to impact the local economy by driving nearly 12,000 production-related jobs with about $1.3 billion of economic impact in its first five years.
The Marshall Fields warehouse was originally built in 1928. In addition to the film studio component, the redevelopment project also includes retail, residential and office space. Cermak Fresh Market is already operating onsite and 123 new apartment units have opened.