The New Jersey Economic Development Authority has approved a $400 million Aspire tax credit for Bayonne-based 1888 Studiꦫo🎶s.
This facility, set to be the largest campus-styl♑e film and television studio in the Northeast, aims to open in 2026, bringing jobs and revitalization🌊 to the area.
- The New Jersey Economic Development Authority has awarded 1888 Studios in Bayonne a $400 million Aspire tax credit.
- The studio will be the largest campus-style film and television studio in the Northeast, occupying 58 acres and featuring state-of-the-art facilities.
- The project, which is expected to open in 2026, is expected to create thousands of jobs, revitalize the local economy, and position New Jersey as a leader in film production.
1888 Studios Receives Major Aspire Tax Credit
The New Jersey Economic Development Authority (NJEDA) Board recently awarded 1888 Studios a $400 million Aspire tax credit, the large🐲st credit 🌌ever awarded under the Aspire program.
The studio, developed by Togus Urban Renewal, is expected to open in 2026 and will be the largest campus-style film and television studio in the Northeast. It will cover 58 acres in Bayonne’s southwest corner, previously the site of a Texaco oil refinery.
New Hub of Cutting-Edge Design and Facilities
Designed by Gensler to evoke the glamour of Golden 🌺Age Hollywood, 1888 Studios will feature:
- 23 Megapowered Smart Sound Stages: Ranging from 18,000 to 60,000 square feet with 40- to 50-foot-high ceilings.
- 350,000+ Square Feet of Production Support Space: This includes outdoor backlot space, office spaces, mills, lighting and grip facilities, a parking garage, and storage.
- Public Amenities: Over five acres of public space, featuring a waterfront walkway along Newark Bay and a public park.
Projected Economic Boost and Job Growth from 1888 Studios
Governor Phil M𒅌urphy stressed how important this project is,
N🌟JEDA CEO Tim Sullivan agreed, pointing out how the project makes New Jersey more attractive to the film and digital media industry.
Bayonne’s Increasing Prominence in the Film Industry
Bayonne Mayor Jimmy Davis expressed pride in the project and its potential to elevate the town’s status in the film industry.
Commitment to Long-Term Development
In May, the NJEDA designa🧜ted 1888 Studios as a Film-Lease Partner Facility.
This designation requires the developer to commit to occupying the facility for at least five years, allowing future tenants to apply for increased tax credits for projects filmed at the site under the state’s Film and Digital Media Tax Credit program.
Arpad “Arki” Busson, chꦇairman of Togus Urban Renewal, expressed gratitude for the support.
Fiscal Oversight in the Aspire Program
The Aspire program, created under the New Jersey Economic Recovery Act of 2020 (ERA),💝 supports mixed-use, transit-oriented development with tax credits to commercial and residential real estaไte projects facing financing gaps.
As a performance-based program, projects must certify that all commitments establi🧸shed at the time of approval ha☂ve been met before receiving their first disbursement of tax credits.
In line with Governor Murphy’s and the NJEDA’s commitment to fiscal responsibility, the Aspir🎐e program includes provisions such as gap financing review and excess revenue sharing requirements.
The detailed rules and eligibility requirements ensure that tax credits ಌare awarded responsibly.
1888 Studios Boosts New Jersey’s Film Industry Leadership
1888 Studios is a big step forward in New Jersey’s goal of becoming a national film and TV industry leader.
The project is expected toꦿ bring substantial economic benefits, create thousands of jobs, and transform Bayonne into a key player in the creative industry.
With strong support from state and local leaders, 1888 Studios is set to have a lasting positive impact on New Jersey’s economy and culture.
