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8/15/11 Staff Writer from loss of production of Evergreen Solar, many have been hoping in Devens for a new adventure in high-profile company in the area. Elaine Gailey, owner of grid Devens, thinks that just might be coming in the form of bringing the city of Hollywood.Development of Andover, MJM Development LLC, is planning a $ 104 million in film and television production complex, with eight sound stages along Jackson Road in Devens.
"I am very excited about the whole idea," said Gailey.
MJM Principal Michael j. Meyers, a longtime real estate developer for the hospitality industry, said that the need for the project is clear. State tax credits are drawing a growing number of major films at the cinema projects, in Massachusetts, but there is only a certain amount of work on site that can make before having to leave the State to complete the project.
Putting sound stages and other amenities in a highly accessible place as Devens, located off Route 2, film makers would remain in the State — and collect more tax credits, Meyers said.
But some worldwide TV and movie central Massachusetts might wonder how successful the project Devens.
"Sometimes these things float to the surface ..." said Rob DelGaudio, a principal at Black Pearl Productions Inc., a small company that makes commercials, Hopkinton documentaries and promotional films. "Many of us only a kind of sneak up on it. "
Douglas Glazier, owner of another company in Hopkinton, Boston Video Productions, which makes the reality and entertainment style magazine, said that he saw action in theory.
"If there was something that was a substantial size and amenities, which might be interesting for those who need it," he said.
But Glazier said that he did not think there are enough people who need it, particularly because the industry is still in recession mode.
"I would be nervous as an investor who could actually fly," he said.
That, apparently, was the response of some investors to another project proposed in the Bay. A $ 400 million complex known as Plymouth Rock Studios, sound stages with 14 and a 10-acre back lot, was originally scheduled to break ground in Plymouth in 2010. Joseph DiLorenzo, chief operating officer for the endeavor, said a version of the plan is still moving forward, but falls capital markets made a funding challenge.
Meyers said that his project is different from Plymouth Rock. First, is smaller. The first phase involves the construction of four sound stages and some associated facilities for 30 million dollars, and also to completion, would be only about a quarter as expensive as the Plymouth originally supposed to be.
More importantly, the privately funded project Devens entirely.
"Our access to capital is something that most people don't have," said Meyers.
George Ramirez, executive vice president of operations at Devens MassDevelopment, the agency that oversees Devens, said that private financing is one of the things that makes him confident about prospects of the project.
MassDevelopment is negotiating with MJM above the sale of land for the project, but Ramirez said an increase of 5 million tax financing deal (TIF) development is already set. The TIF will gradually as the project moves forward, with 1.2 million at the end of phase I, which includes 126,000 square meters and four sound stages and the rest of the business coming in increments if and when you built the rest of the project.
Right now, said Meyers, MJM is Surveying the land, doing due diligence and continuing to work with the West coast of consultants who have helped drive the project so far.
If plans go smoothly, the entire development-phase will take 10 years to complete and will eventually generate 800 to 1,000 jobs.
Maura peeler, Director General of the SpringHill Suites by Marriott hotels in Devens Common Center, said she sees the plans for the complex as a major victory for Devens as a whole and to the hotel.
"We think if it's going to create jobs in the area going to pax for us," he said.
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