What was once a grain warehouse will house studios, a cinema and lecture hall, exhibition space, a library, and three different food and drink areas.
Once the renovations are complete, scheduled for 2014, the building will house studios and one- to three-bedroom apartments, with prices starting at slightly less than £500,000, or about $800,000.
Founded by the former banker Frank Giustra, the studio set about acquiring art house films and releasing controversial movies that had been rejected by more traditional art house studios.
It may be small, but the island offers plenty to entertain visitors, from its award-winning restaurant Pilgrimme, tucked away in a romantic cabin in the woods, to its thriving artistic community with open house studios and the old growth forest trails with soaring pines and firs.
The band's first album, Love, was composed while Mirsky built what is now Foster House Studios housed in the city's historic Washington Avenue Armory.
Officially launched in October by Mayor Sadiq Khan, Somerset House Studios will house 25 artists as part of a multidisciplinary community in the iconic Central London building.
