Just down the street from where I spent the entirety of my first summer job (shoe factory) dreaming of being the next Steven Spielberg, UK-based Pinewood Studios is preparing to build a huge new studio complex. The move is sure to be a much-needed shot in the arm for Toronto's flagging local film industry.

Pinewood, which is owned in part by master filmmaker Ridley Scott (Alien, Blade Runner), purchased a 2.3-hectare site at Bloor and Lansdowne earlier this week. They will turn it into 100,000 square feet of studio space, including two potential 30,000 square foot stages.

The development is in direct competition with the Filmport project down in the portlands, but both projects together stand to help Toronto recover from the over 20% tumble in film industry business since the SARS crisis in 2003. With Hulk 2 and Saw 4 already shooting in Toronto this summer, Hollywood (and international) film production money may finally be crawling back into the city.