In the face of a notable downturn in Los Angeles’ entertainment production industry, 4S Bay Partners, a suburban Chicago investment firm linked to billionaire Steve Sarowitz, is pushing forward with ambitious plans for an entertainment-focused development in the heart of the city.
The investment firm, based in Highland Park, Illinois, recently filed plans with the city of Los Angeles to construct five movie production buildings, totaling approximately 257,000 square feet, according to a report from Costar. The chosen location for this development is 3701 Stocker St., situated near the Baldwin Hills Crenshaw Plaza mall, in a historically Black neighborhood about six miles south of Hollywood.
The move follows 4S Bay Partners’ acquisition of a two-acre property for $24 million in February 2021.
Founder of Paylocity and partner in 4S Bay Partners, Steve Sarowitz, with an estimated net worth of $2.3 billion according to Forbes, leads the charge. The development aims to not only serve as a creative and innovative center for the Black community but also to foster economic opportunities for diverse and female filmmakers, creative arts workers and community nonprofits, the firm previously stated.
The decision to move forward with the motion picture production campus underscores 4S Bay Partners’ resilience and commitment to its vision, even as the industry faces challenges. Job losses in the film and television sector reached nearly 50,000, according to the report, with streaming giants like Amazon Prime and Netflix also scaling back employment in recent months.
Founded in 2015, 4S Bay Partners is a single family office asset management firm that aims to “create economic opportunities and amplify storytelling of, for and about marginalized communities,” according to its LinkedIn page.
