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March 15, 2022

Jaigantic’s movie studio plans nearing key milestones

PHOTO | CONTRIBUTED Actor Michael Jai White, founder of Jaigantic Studios.
By Liese Klein

Plans for a movie studio complex to be built in New Haven’s River Street district are poised for  major milestones in coming weeks as developers finalize a deal with the city for land and seek approvals for the project. 

Jaigantic Studios, a film production company created by actor Michael Jai White, is close to finalizing a development and land disposition agreement (DLDA) with New Haven for city-owned property at 46-56 River St., according to Deputy Economic Development Administrator Carlos Eyzaguirre. Once finalized, the DLDA will go to the Board of Alders for review.  

Jaigantic outlined plans for its multi-phase project before New Haven’s Development Commision on March 9. Plans for Phase 1 will go to the body for a vote at its next meeting, set for April 13.

The commission must approve modifications to the Municipal Development Plan (MDP) for the River Street district, part of a 20-year, $20 million effort to revive the mostly industrial area.

Jaigantic’s plans require changes to the MDP’s recommendations on parking and setbacks. If the body OKs the modifications, Phase 1 of the project would next go to the Board of Alders and planning commission for additional approvals.

In a detailed outline presented to the development commission, Jaigantic said the project as a whole has a budget of $205 million, with the promise of eventually creating 1,000 jobs and an estimated $3.1 billion in economic impact. 

The company had raised $23 million so far for the project. In a graph included in the presentation, Jaigantic indicated it would raise $85 million in seed funding plus $52 in a Series A capital raise, both in progress.

Jaigantic CEO Donovan DeBoer said Phase 1 of the project is estimated to cost $80 million for buildout and development expenses, including the land at 46-56 River St.

“We're going to be using that ($80 million) for land and property build-out, content technology and all of our operational staff,” DeBoer told development commissioners. He said that 100-200 jobs would be created in the first phase of what Jaigantic has dubbed its “Creators District.” 

City staff and commissioners were positive about the Jaigantic proposal. 

Development Commissioner John Martin said, “It's a very ambitious project I think many of us have been following… We want this to be a project that both makes you guys excited and also helps lift up that neighborhood and the city at large.”

Jaigantic has built excitement for its New Haven project with multimedia presentations for the arts community and the Greater New Haven Chamber of Commerce in the past year.

Contact Liese Klein at lklein@newhavenbiz.com.

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