NEWARK, NJ—The New Jersey Economic Development Authority (NJEDA) Board has green-lighted substantial tax credits for 1888 Studios, set to be the largest campus-style film and television studio in the Northeast. This pivotal development, situated on 58 acres in Bayonne, just minutes from New York City, has been sanctioned under the Aspire Program.
Governor Phil Murphy expressed his enthusiasm for the project, highlighting its potential to propel New Jersey as a front-runner in film and television production. The Governor emphasized the positive impact expected on local businesses and municipalities through the influx of production activities. Tim Sullivan, NJEDA Chief Executive Officer, echoed these sentiments, praising the project for its capability to generate thousands of jobs and revitalize communities.
1888 Studios is slated for completion in 2026 and is projected to encompass over 1.5 million square feet of cutting-edge production facilities, including 23 high-powered smart sound stages and extensive support spaces. The development will also offer over five acres of public realms, featuring a waterfront walkway and a park.
Arpad “Arki” Busson, Chairman of Togus Urban Renewal, the developer behind 1888 Studios, recognized the Aspire Program’s role in affirming New Jersey’s position as a significant player in the global film industry market. He highlighted the collaborative efforts of state leaders and local stakeholders in bringing this project to fruition.
Mayor Jimmy Davis of Bayonne also noted the transformative effect the studio is expected to have on the city, marking it as a burgeoning hub for innovation and skilled labor. The Aspire Program, a cornerstone of the New Jersey Economic Recovery Act of 2020, is instrumental in bridging financing gaps for significant projects like 1888 Studios, ensuring the economic vitality of the Garden State remains robust.