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Delay in factory-to-movie-set conversion

March 17, 2009 12:00:00 AM PDT
Plans to convert a former Boeing factory in Long Beach into a movie studio are now on hold. According to the Los Angeles Times, the sale of the property has fallen out of escrow.

Last year, investors led by actor Jack O'Halloran said they had financing for the $500 million project. They planned to turn the factory into a self-contained production facility with dozens of sound stages, a water tank stage, offices, a commissary, and a hotel.

However, the sale of the property itself, estimated to be worth around $100 million, has not gone through.

The investors say, they still hope to complete the deal.


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