Sanborn Studios ends its lease

SARASOTA -- Sanborn Studio terminated the lease agreement on its main studio building in Lakewood Ranch this week.

Sanborn arrived in Sarasota in fall 2010 with lots of buzz -- and as the recipient of $650,000 in up-front incentive money.

In June of that year, rumors of a new movie studio coming to the area began circulating; county officials refused to identify the potential entrant by name, referring to the company only by its codename, “Project Waterboy.”

The big reveal took place in September 2010. Official said Sanborn Studios would spend $30 million to establish itself locally, and that the business would have a total economic impact on the local economy of $164 million.

At the time, Sanborn said it would hire 117 employees, and pay them an average salary of $72,000. Now, the company is shutting down its original headquarters, and looking for a new base of operations nearer to Sarasota-Bradenton International Airport, where it currently has facilities.

The production studio has not said what impact the relocation would have on its ability to reach its hiring goals.