The plan to erect the one-million-square-foot studio complex in Toronto’s port lands has been put on hold but not dropped, says Jeffrey Steiner, president and CEO of the Toronto Economic Development Corporation. The $150-million Toronto Film/Media Complex (a working name) will go ahead after a new investor/developer is found, following the recent departure of California-based Sequence Development Group from the project.

‘It’s still going ahead, it’s just that we are reissuing a proposal call,’ says Steiner. ‘The site is still reserved for the city and TEDCO for a new film studio complex.’

A recent statement issued by Sequence says, ‘Without the commercial tenancies which were 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.’

‘[Sequence] depended on a lot of commercial space as part of their business plan,’ says Steiner. ‘The market isn’t right for the non-studio commercial office, and because the market isn’t right for them the whole investment doesn’t meet their criteria.’

In the coming weeks, TEDCO will reissue a proposal call to interested development and investment partners (of which there are some, according to TEDCO), and Steiner is hopeful the project will be moving forward again within the year. He says he isn’t worried about another partner, the U.K.’s Pinewood Shepperton Studios, dropping out of the project as well.

‘This doesn’t mean that it’s over with Pinewood,’ says Steiner. ‘They’re certainly able to come back as operators of the studio. If Pinewood was interested in Toronto before I’m sure they’re still going to be interested. It’s a strategic move for them to have a North American operation.’

A Pinewood representative did not return Playback’s calls before press time.

Steiner contends despite this setback, other parties will continue to recognize Toronto’s appeal as an enviable film destination, despite the general slowdown in the production sector, pointing to skilled film workers and the dollar as some motivating factors to make the complex happen.

‘The need for purpose-built soundstages is still there,’ says Steiner. ‘We have lots of good soundstage operators here in Toronto, we just don’t have a lot of new, purpose-built, large stages. That’s the gap this process is going to fill and we’re quite optimistic, it’s just going to take another process of six months or so to get a new developer.’

Construction on the studio complex was set to begin last month.