DreamWorks’ Animation will build a new entertainment complex called the Dream Center in Shanghai, China — a project expected to cost $2.4 billion.
The complex will be called the Dream Center, and will include an IMAX theater, a venue for red carpet events and festivals, and an entertainment district modeled on London’s West End.
It also will house the film production facilities of Oriental DreamWorks, a joint venture between DreamWorks Animation and Chinese partners. It is expected to produce Kung Fu Panda 3 and a slate of other film, TV and online properties.
DreamWorks Animation is backing the project along with Chinese investment fund CMC Capital partners and Hong Kong-based property developer Lan Kwai Fong.
It is housed at a former cement factory near the site of the 2010 Shanghai Expo.
“This will become the world’s third great urban center of entertainment and arts alongside New York’s Broadway and London’s West End,” said DreamWorks CEO Jeffrey Katzenberg.