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NJ Film Hub Rises from Texaco Site
17 Dec
Summary
- 1888 Studios, a 58-acre facility, breaks ground in Bayonne, New Jersey.
- Paramount will be the anchor tenant for at least 10 years.
- New Jersey offers up to 40% tax credit for qualified film productions.
A significant new film production facility, 1888 Studios, has officially broken ground in Bayonne, New Jersey. This expansive 58-acre campus, built on a remediated former Texaco site, will feature 1.1 million square feet of space with 23 soundstages. Paramount Pictures has committed to being the anchor tenant for a minimum of 10 years, occupying a substantial portion of the space and signaling a major boost for the local industry.
The development of 1888 Studios highlights New Jersey's strategic efforts to attract film and television production. Governor Phil Murphy and First Lady Tammy Murphy have been instrumental in reinstating and promoting generous tax incentives, offering qualified productions a credit of up to 40% on their expenses. This initiative aims to reclaim the state's historical significance in filmmaking.
With an estimated operational timeline of 18 to 24 months, 1888 Studios is poised to become a major player alongside other burgeoning film hubs in the state, such as Netflix's Ft. Monmouth campus. New Jersey has already seen substantial growth in production counts and spending, solidifying its position as a key global destination for the entertainment industry.
