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8 SUMMER 2024
BAYONNE STUDIO DEVELOPER SECURES $400 MILLION TAX CREDIT
production,” said Tim Sullivan,
the EDA’s chief executive. “The incomparable resources and logistical and artistic assets New Jersey offers are contributing to the industry’s momentum in the state, creating thousands of jobs and enhancing the revitalization of communities and small businesses.
“Today’s approval under the Aspire program ensures the continued development of this transformative project, which will provide countless opportunities for the city of Bayonne and further New Jersey’s standing as a national leader in film production.”
1888 Studios is considered a transformative project under the law that created Aspire, making it eligible for larger subsidies. The $400 million tax credit allocation, which matches the largest ever approved under the program, is the maximum allowed and equates to 50 percent of the total project cost.
The June vote came a month after
the EDA designated 1888 Studios
as a so-called Film-Lease Partner Facility, which commits the developer to occupying the facility for at least five years and makes future tenants eligible to apply for increased tax credits for projects filmed there under the Film and Digital Media
Tax Credit program. Following the approval, its developer said the facility “will serve as a powerful force of attraction for the film industry’s direct investment, technological innovation and job creation for thousands of New Jerseyans.”
“Governor Murphy’s ambition to create
good-paying, lasting jobs in New Jersey communities and diversify the economy across the state remains the driving force behind the film industry’s expansion, which now includes the realization of 1888 Studios,” said Arpad “Arki” Busson, the chairman of Togus Urban Renewal. “New Jersey’s film industry growth strategy, centered on competitive film, television and digital media tax credits and the development of production facility infrastructure, continues to deliver enviable results in a challenging, competitive environment.”
Reid Brockmeier, co-managing director of Gensler’s New Jersey office, added: “This is a celebratory milestone for 1888 Studios, which will be a key pillar of New Jersey’s thriving film and studio ecosystem when complete. The Aspire award enables this visionary partner to restore a critical piece of the community that sat vacant for decades, while providing thousands of jobs and contributing to its economic vitality.”
Busson, meantime, also thanked state senators Raj Mukherji and John McKeon, Assemblywoman Eliana Pintor Marin and Mayor Jimmy Davis for their roles in the project.
“The Aspire program’s support for 1888 Studios not only underscores the transformative potential film will bring to Bayonne, but also what Bayonne will bring to the studio and film industry,” Davis said. “NJEDA’s belief in the project and our city is
a testament to Bayonne’s growing prominence as a hub for innovation, creativity and skilled labor.”
The state has approved a 10-year, $400 million tax credit award in connection with plans to build a 1.5 million- square-foot film and television studio complex on the Bayonne waterfront.
The campus, known as 1888 Studios, will span 17 buildings across 58 acres as part of a highly anticipated project by Togus Urban Renewal LLC. That plan took a critical step forward
on June 12 with the commitment under the Aspire gap financing program, which the state Economic Development Authority approved during its monthly board meeting.
Officials noted that it will be the largest and first campus-style
studio facility in the Northeast, with construction slated to conclude in 2026. It will also revitalize a long- dormant former Texaco oil refinery site at the southern tip of the city, just west of the Bayonne Bridge at Avenue A and West 1st Street.
“With support from the NJEDA’s Aspire program, the development
of transformative projects across the Garden State is revitalizing communities and creating thousands of good-paying jobs,” Gov. Phil Murphy said. “The development of 1888 Studios in Bayonne furthers my
administration’s goal of establishing the state as a
leader in movie
and television
production, helping small businesses and municipalities reap the benefits of local production.”
Gov. Phil Murphy
Designed by Gensler, the complex
will house end-to-end film production services, including 23 mega-powered smart sound stages ranging from 18,000 to 60,000 square feet with 40- to 50-foot-high ceilings, according to a news release. Plans also call for more than 350,000 square feet of production support space, outdoor backlot space, amenities, office spaces, mills, lighting and grip facilities, a parking garage and storage.
In addition, the development will include more than five acres of public space with a waterfront walkway adjacent to Newark Bay and a public park.
“1888 Studios exemplifies the type of projects that are being attracted to New Jersey by Governor Murphy’s support for film and digital media
Plans for 1888 Studios, a project by Togus Urban Renewal LLC, call for a 17-building, 1.5 million-square-foot film and television studio complex on the Bayonne waterfront.
THE BRIEFING
Renderings courtesy: Gensler