Lakewood Fairgrounds to become movie studio?

Gone are the days of antique shows and stock car races at the Lakewood Fairgrounds, the 94-year-old former home of the Southeastern Fair and Circus in Southwest Atlanta. Its Spanish Mission-style exhibition halls sit mostly empty, overshadowed by the amphitheatre next door with which it shares a name.

That'll change if the Atlanta City Council on Monday approves a deal Mayor Kasim Reed's administration has strucks with EUE/Screen Gems, a movie production company that wants to lease 30 acres of the fairgrounds, invest millions for its renovation and expansion, and give the state another way to lure Hollywood studios who are flocking to Georgia to shoot their films. (Don't fret, outdoor music fans: The amphitheatre won't be affected by the deal.)

Under a proposed deal approved today by the City Council Finance Committee, Screen Gems — which is run by a former Columbia Pictures executive with the devilishly clever name of George Cooney — would occupy the fairgrounds' exhibition hall area in a 50-year lease that would start at $250,000 a year and gradually increase over time.

As part of the deal, the company would invest nearly $6.4 million into renovating and expanding the fairgrounds's warehouse-style buildings. The bulk of that cash — $5 million — would be spent to construct a state-of-the-art soundstage. According to city documents, the studio would generate an estimated 1,000 jobs and add a new industry to Atlanta's economy. It now moves to full Council.