Plans for 1888 Studios, a project by Togus Urban Renewal LLC, call for 1.6 million square feet of film and television production space and support facilities across 58 acres on the Bayonne waterfront. — Rendering courtesy: Gensler
By Joshua Burd
Paramount’s new production hub in Bayonne is now eligible for larger awards under New Jersey’s Film and Digital Media Tax Credit program, following a vote Thursday by state officials to designate the company as a so-called studio partner at the campus.
The approval, which came during an Economic Development Authority board meeting, formalizes a step that was telegraphed earlier this week when the media giant announced it would lease some 285,000 square feet at the 1888 Studios project. As a studio partner, Paramount will be eligible to seek a 40 percent base tax credit for qualified production expenses on future New Jersey film and television projects, tapping into an expansion of the program in 2021 that created a separate $150 million pool of incentives for such companies.
The parent of Paramount Pictures, CBS, Nickelodeon and other iconic brands has committed to at least 10 years in Bayonne under its lease with Togus Urban Renewal LLC, the developer of the 1.6 million-square-foot studio complex just west of the Bayonne Bridge.
“New Jersey’s competitive tax incentive program, deep talent pool and diverse locations are proving to be successful in attracting leading entertainment companies, such as Paramount, to the state,” Gov. Phil Murphy said. “This is a tremendous investment into Bayonne, which will help create good-paying careers, support small businesses and local vendors and drive meaningful economic growth.”
Currently under development, 1888 Studios is set to become the largest campus-style production facility in the Northeast and one of the largest in the nation. Plans for the Gensler-designed, 58-acre facility call for more than 1.1 million square feet of production space spanning 23 smart sound stages with a minimum of 40-foot clear ceiling heights, along with production support space, flexible post-production space, offices, mills, base camp and backlot as well as lighting and grip facilities to accommodate every phase of production.
The project was designated New Jersey’s first film-lease partner facility in May 2024, ensuring a commitment of at least five years and enabling future tenants to seek expanded tax credits. The EDA, meantime, noted that the state’s film industry has continued to soar since Murphy reinstated the film tax credit program in 2018, announcing last week that overall in-state production spending from filmmaking hit $833 million in 2024, surpassing the previous record of $701 million in 2022.
“Paramount’s long-term commitment to New Jersey is a testament to our rising position as a national leader in film and television production,” said Tim Sullivan, the authority’s CEO. “Since he took office, Governor Murphy has been committed to curating a robust film industry, leading to major productions and studios coming to New Jersey and hundreds of millions of dollars invested into communities across the state.”
On Tuesday, executives with both Paramount and Togus Urban Renewal lauded Murphy, the EDA, state Sen. Raj Mukherji and other public officials involved in the studio project. They reiterated that praise after Thursday’s EDA vote, while citing the vital role of the state’s competitive tax credit program.
“This kind of public-private partnership does not happen with just a vision and a dream,” said Arpad “Arki” Busson, chairman of Togus Urban Renewal. “It happens only as the product of years of hard work and steady collaboration. Put simply, the visionary leadership and dedication of Governor Murphy and Tim Sullivan, the Alchemist, whose passion, creativity and tenacity forged this safe harbor for our industry and brought the vision and execution necessary to get this deal done. Together, we have created a long-term, stable environment, through 2049, tailored to all storytellers and to the benefit of our broader New Jersey communities.”
Paramount coming to Bayonne’s 1888 Studios campus with landmark 285,000 sq. ft. lease
