Kane Studio’s ambitious project was put on hold due to a strike by writers and actors. The $700 million venture aimed to develop 1,600 acres of land in Chattahoochee Hills, a quaint community located just 30 minutes south of Atlanta. This prime location is in close proximity to the upscale neighborhood Serenbe and has plans for up to 32 sound stages.
According to the Atlanta Business Journal, Kane Studio’s CFO Joe Briner stated that in order for this project to be financially viable and secure funding, they require a tax abatement. Develop Fulton – the county’s development authority – has been approached by Kane Studio for assistance with essential infrastructure such as roads, sewers and electricity.
After much deliberation, Develop Fulton voted with an overwhelming majority (6-2) in favor of granting preliminary approval for a property tax break worth $40 million over ten years towards this project.
Despite receiving initial approval from the board members at Develop Fulton , there are still potential obstacles that could hinder progress on this deal such as high interest rates and ongoing strikes within Hollywood industry circles.
The recent Hollywood strike is causing disruptions not only within Los Angeles but also affecting plans for movie studio expansion projects like those proposed by Kane Studios near Atlanta.
