The planned, $75 million Regal Mile Ventures film studio in South Shore will incorporate approximately .5 acres of City-owned property through a land sale agreement approved by City Council today.

Consisting of six vacant lots on the southwest corner of 77th Street and Blackstone Avenue, the properties will be sold to Regal Mile Ventures LLC for their appraised value of $31,000. The lots will be incorporated into the seven-acre movie studio complex planned for the 7700 block of South Chicago Avenue.

The project is being led by ID8 Ventures, which produces “The Chi” television series, and Loop Capital Markets.

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