1888 Studios will be the largest and first campus-style film and television studio facility in the Northeast and has received a tax credit for 50% of the project cost, up to $400m
Author: KFTV Staff
Published: 13 Jun 2024
1888 Studios has been awarded $400m in tax credits from the New Jersey Economic Development Authority (NJEDA), the state announced today (June 12).
1888 Studios is considered a 'transformative project' under the state's Aspire Program, a place-based economic development program to support mixed-use, transit-oriented development with tax credits, and was approved for an award of up to 50 percent of the total project cost, not to exceed $400m.
The development will contain 17 buildings encompassing over 1.5m square feet of 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, 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 to the studio space, the development will also include over five acres of public space, featuring a waterfront walkway adjacent to the Newark Bay and a public park. Construction is expected to be completed in 2026.
Developed by Togus Urban Renewal, 1888 Studios will be the largest and first campus-style film and television studio facility in the Northeast, and will occupy 58 acres of land, not far from New York City.
The NJEDA designated 1888 Studios as a Film-Lease Partner Facility, which commits the developer to occupying the facility for at least five years and grants future tenants eligibility to apply for increased tax credits for projects filmed at the facility under the Film and Digital Media Tax Credit program.
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