Knickpoint Ventures is in the final act with its development of a 21-acre film studio on Chicago’s Northwest Side.
The company, founded by Zain Koita, just held a topping-off ceremony for The Fields Studios — a roughly $200 million venture as part of the redevelopment of the former Marshall Field’s warehouse campus at 4000 West Diversey Avenue, the Chicago Tribune reported.
Knickpoint acquired its stake in the site in 2018, when it secured a $50 million loan from TH Commercial Mortgage to advance the project. It’s slated for nine soundstages, along with creative and production offices, totaling about 500,000 square feet. The developer expects to complete construction by early next year.
Illinois tax breaks and subsidies have helped reinvigorate Chicago’s film and television industry in recent years, according to Governor J.B. Pritzker. Film production expenditures in Illinois hit nearly $700 million in 2022, breaking the previous record of $560 million in 2019 and generating more than 15,000 jobs.
“This has always been an economic driver of the neighborhood, except for the past 10 years, and our goal was to return it to that state,” Koita told the outlet. “The film industry is generally unionized from top to bottom, and that’s great for Chicago.”
Hit shows that film in Chicago include “Chicago Fire,” “Chicago PD,” “Chicago Med” and “The Bear.” Existing studios such as Cinespace Chicago Film Studios in the North Lawndale neighborhood have struggled to keep up with demand, prompting companies like Knickpoint to expand the city’s stock of video production space.
In addition to redeveloping part of the Marshall Field’s warehouse, Knickpoint designed soundstages from the ground up. One will total 36,000 square feet, which would be the largest in the state.
The 1.5-million-square-foot complex already houses a Cermak Fresh Market grocery store and 123 apartment units, giving studio employees opportunities to live on-site.
— Quinn Donoghue
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