DreamWorks Settles on Site in Los Angeles
Lured by the biggest incentive package ever offered by the city of Los Angeles, DreamWorks SKG has decided to build a studio and office complex near Marina del Rey. The project will be the first major new studio complex in southern California in more than 50 years.
DreamWorks, a multifaceted entertainment studio, was formed last year by former Disney executive Jeffrey Katzenberg, director-producer Steven Spielberg, and record mogul and movie producer David Geffen. If the deal clears several bureaucratic hurdles, the 100-acre site will be transformed into a ''creative campus'' with more than 7,000 workers.
DreamWorks could generate about $500 million over 15 years for the city, county, and state governments. Los Angeles mayor Richard Riordan says he expects the city council to attempt to sweeten the offer if the studio pledges to hire from within the city and particularly from poor neighborhoods.