Stan Kroenke Ventures into Hollywood

Rams owner Stan Kroenke is setting his sights on Hollywood with plans to construct a state-of-the-art studio and production facility.

Hollywood Park Studios: A New Hub for Entertainment

Hollywood Park Studios will initially function as a temporary hub for broadcasters covering the 2028 Olympics, as announced by Kroenke’s company on Tuesday. Following the summer games, the facility will transition to support film and TV production, aligning with a broader vision to transform the area into a vibrant media, entertainment, and technology campus.

Phase One: Expanding Production Capacity

The first phase of construction for Hollywood Park Studios includes five soundstages, each measuring 18,000 square feet, with plans for a single stage that will be double that size, all spread across 12 acres. Additionally, the facility will feature a three-story, 80,000 square foot office building to support production and postproduction services, complemented by amenities such as a parking structure with a capacity for 1,100 cars and space for sixty trailers.

Future Expansion Plans

Depending on demand, there are plans to construct as many as 20 soundstages and an additional 200,000 square feet of office space.

Market Dynamics and Competition

Kroenke’s company joins a wave of private equity and real estate firms that have rapidly acquired and expanded stage facilities, betting on sustained demand for such spaces. Notable players include BARDAS Investment Group and Bain Capital Real Estate, which announced a $600 million redevelopment of the former Television Center in 2022.

Challenges in the Soundstage Market

Despite the influx of new facilities, the soundstage market in Los Angeles has faced challenges. An April FilmLA report revealed a significant decline in stage occupancy over the past two years, with 17 studios reporting an average occupancy rate of just 63% last year, down from 69% in 2023. This marks a stark contrast to the 93.5% occupancy rate recorded from 2016 to 2022.

Convergence of Media and Sports

Kroenke believes that media and sports are increasingly converging as entertainment distribution evolves across various platforms.

A Vision for the Future

“The vision for Hollywood Park has always been to create a city within a city that merges media, entertainment, and technology, transforming the greater Los Angeles area,” Kroenke stated. He added that beyond 2028, the property aims to “welcome a new industry to our live, work, play destination and bring a little bit of Hollywood to Hollywood Park.”

Part of a Larger Development

Hollywood Park Studios is a key component of the master development plans for the 300-acre mixed-use property, which is anchored by SoFi Stadium, YouTube Theater, and the NFL Media office building. The development also includes apartments, shops, restaurants, and a movie theater, with a $300 million luxury hotel currently under construction to accommodate visiting teams and potentially talent filming at the nearby production campus.

Competitive Landscape

Competing regions such as the U.K., New York, Georgia, and Ontario have more than doubled their stage-based production capacity over the past five years. While L.A. boasts an estimated 8 million square feet of production space and 13 planned studio projects, the decline in production has made it increasingly challenging to fill vacancies.

Persons

Stan Kroenke

Company Names

Hollywood Park Studios, BARDAS Investment Group, Bain Capital Real Estate

Titles

2028 Olympics

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