Film students at Cal State Long Beach will have to wait a little longer to use the promised soundstage from the upcoming Long Beach Studios due to lack of financial funds.
The escrow to sell the Boeing 717 facility and make it into a state-of-the-art studio has recently been extended but will continue.
The extension of escrow was mainly due to financial problems that were caused by the nationwide economic downturn. Loans are not as easily obtained as they use to be.
Like most Americans, Jay Samit, CEO of Long Beach Studios LLC, and actor Jack O’Halloran, the chair of Long Beach Studios, must face the hardships of the economy.
“The economic world out there is a disastrous place right now,” O’Halloran said. “CSULB has a big hole where their science building was, the state can pull plugs on science buildings — we are in the same place.”
The purchase sale agreement — the agreement between the buyer, Long Beach Studios and the seller, Boeing — took longer than expected to be signed partly due to environmental issues Boeing needed to sort out, O’Halloran said.
Long Beach Studios is behind schedule by a few months, but according to O’Halloran, they’re hoping to close the escrow anytime in the beginning of March.
Long Beach Studios consist of two phases. O’Halloran is optimistic that by this summer, construction will begin on the first phase and in 18 months, the first phase of the project will hopefully be completed and ready to be used. If all goes well and as planned, the second phase will be finished about a year after phase one is completed. There is no set date for the completion of the project by Long Beach Studios, but if all goes as planned, the project is estimated to be done by 2012.
“We’re in good shape,” O’Halloran said. “We’re surviving.”
The first phase will include 20 fully equipped soundstages, offices, post-production facilities, interior walls, parking and a luxury hotel. The second phase will consist of 20 more fully equipped soundstages. Also, there are plans to make the largest man-made water tank in the world.
Thankfully the purchase sale agreement allowed them to extend the escrow to complete the project that will benefit many, especially CSULB film students. To those students this is fortunate news because as soon as the first phase is completed they will be able to enjoy and use the two fully equipped soundstages that were promised.
The $500-million venture found a new lender to help continue funding the project. With the creation of the studios, Long Beach Studios hopes to create high-paying jobs, take in film students as interns and donate two fully equipped soundstages to the CSULB film department, not just one as previously known, according to Craig Smith, chair of the CSULB film department.
“Chapman University and USC both have soundstages, leaving CSULB film students deprived,” Smith said.
“I believe that the inclusion of the two fully equipped soundstages will greatly benefit the film department,” said Daniel Hernandez, a senior film major. “Having access to post-production equipment and facilities, which is the most expensive, is a great factor to our budget because, unfortunately, many times our vision is hindered by our wallets. Being able to use fully equipped soundstages, just like other universities, will let us be more creative as filmmakers.”
When completed, Long Beach Studios “will be the largest independent production facility in the world,” according to its website.
