GIANT TORONTO STUDIO PROJECT ABANDONED
Wednesday, April 23 2003
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Plans to build a $100-million state-of-the-art motion picture studio in Toronto that were announced in February have been abandoned as Hollywood gave them short shrift, Britain's Guardian newspaper reported today (Wednesday). The studio had been envisioned by Michael Grade, chairman of Britain's Pinewood Shepperton Studios, who had formed a consortium with film directors Tony and Ridley Scott. However, the newspaper said, it had been unable to attract interest from potential tenants. "Without the commercial tenancies we anticipated and the credit support needed to finance this specific transaction, we are left with a project that is not compatible with our investment profile," the developers said in a statement.
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