The Toronto film production studio currently home to four Netflix sound stages is about to get even bigger. Operator Cinespace Studios announced on Tuesday that it not only renewed its lease with the City of Toronto for its east end waterfront property housing the stages, but will be expanding the hub by a whopping 130,000 sq. ft.

Cinespace will takeover and redevelop the adjacent Marine Terminal 52 where it will build three new production stages. Architecture firm Gensler has been chosen to design the studio expansion, which is set to be complete in 2023.

The redevelopment will add to the already 1.3M sq. ft of production space that Cinespace already operates in Toronto, including the existing 164,000 sq. ft at the Marine Terminal 51 that was leased out by streaming giant Netflix in 2019. It recently saw the production of Guillermo Del Toro's Nightmare Alley.

"We are proud to continue our investment in Toronto that started over 30 years ago," said Ashley Rice, President and Co-Managing Partner of Cinespace Studios. "It's a privilege to partner with PortsToronto again and be selected to develop Terminal 52 into a second facility that will meet the increased demand for production infrastructure."

Construction of the new studios is expected to create over 300 new jobs in Toronto, according to Cinespace, with Mayor John Tory lauding the addition to the local economy.

"The film and television production industry in Toronto is important to the local economy, the creation of jobs, and the culture of our city," Tory said. "Toronto's screen industries have experienced a period of significant growth and investment over the last decade, and we know that there has been a real need for even more studio space. This project will not only help us attract more projects and more people to our city but as a result add more jobs which is good for our city and good for the economy."

Although Netflix occupies the existing Marine Terminal production stages, it currently has no plans to occupy the new space, according to The Hollywood Reporter. Other Cinespace production facilities have been used by several major productions including Hulu's The Handmaid's Tale and UCP's The Umbrella Academy.

PortsToronto, which owns the Marine Terminal properties, says that the redevelopment will not affect the ability to use the surrounding area as an active port.

"Cinespace Studios' development allow for the area to remain consistent with the activities of a successful and operational port, as this remains PortsToronto's single priority in the area given the economic impact of the port for both commercial shipping and cruise ship operations," said RJ Steenstra, President and Chief Executive Officer, PortsToronto.