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Long Beach Studios Plan May Move Ahead at $375M

Former Boeing plant not in escrow yet, despite O'Halloran's expectation of deal closing Monday.

Update on Monday Oct 12: 

TheWrap learned Monday that, despite O'Halloran's statement, the Boeing site is "still out of escrow," according to a Boeing spokeswoman. "As of this point in time, its status hasn't changed," she said.

Previously:

Long Beach Studios Chairman Jack O'Halloran said he expects to sign a deal with Boeing on Monday to develop a $375 million movie studio at a former Boeing 717 manufacturing site in Long Beach.

Boeing ceased production at the 77-acre site in 2006.

"The film studio's definitely happening, it's going to happen," O'Halloran said Friday.

The project, first announced a year ago, encountered financial problems and fell out of escrow in March.

O'Halloran said the Long Beach project will be the hub of a chain of five movie studios to be built around the country.

Read more at the Press Telegram.