Development outfit now has a new office lease amid $50m loan agreement
After desperate pleas from both home and away, last-minute financial stipulations and a series of vehement complaints, 38 Studios is nevertheless finalising its move to Rhode Island.
The studio now has a lease for an office building in the area.
The start-up development studio will be given around £50 million state investment for its relocation from Massachusetts.
It was initially promised a $75 million loan, though that was cut after many criticised the deal – on offer from the Rhode Island Economic Development Corporation – as a exorbitant risk.
38 Studios said it will return on the investment by providing an estimated 450 new jobs in the area. In a prepared statement, the developer said the move will create “a Rhode Island video game cluster”.
Before the move was being put in train, a neighbouring developer made an emotional plea for 38 Studios to stay put.
In an eleventh-hour bid to put brakes on the deal, the CEO of Demiurge Studios said 38 Studios' move “will be a loss for the Boston game community”.
38 Studios CEO Jen MacLean insists the move is overwhelmingly positive.
“The staff at 38 Studios is incredibly excited about our relocation to Providence and we expect to be the first of many relocating knowledge-economy companies that will take advantage of the opportunities Rhode Island provides," he said.
“Providence has some of the best students in the nation, a vibrant arts community, and a dynamic urban environment with easy access to public transportation. We look forward to working closely with the Rhode Island Economic Development Corporation and local businesses in the months ahead to plan how our company's growth can also benefit the state of Rhode Island.”