Aspire Tax Credits for Large 50-Acre Bayonne Film Studio

On Jun 12, 2024

The New Jersey Economic Development Authority (NJEDA) today approved Aspire Program tax credits for 1888 Studios in Bayonne. Developed by Togus Urban Renewal, the studio will be the largest and first campus-style film and television studio facility in the Northeast, and will occupy 58 acres of land just minutes from New York City.

“1888 Studios exemplifies the type of projects that are being attracted to New Jersey by Governor Murphy’s support for film and digital media production. 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,” said NJEDA Chief Executive Officer Tim Sullivan. “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 Aspire Program and was approved for an award of up to 50% of the total project cost, not to exceed $400 million. The development will contain 17 buildings encompassing over 1.5 million 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.

In May, 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.

“Today’s announcement is the affirmation of 1888 Studios’ ability to hasten and secure the transformation of New Jersey’s film industry from a regional leader to a global powerhouse. Governor Murphy and the state legislature equipped the NJEDA, under the leadership of Tim Sullivan, with the Aspire economic development tool to identify and evaluate capital projects of strategic significance to New Jersey’s economic future. We are grateful that the culmination of the Agency’s extensive analysis of the 1888 Studios project is approval to earn Aspire credits over time as we build with New Jersey’s excellent construction crews and suppliers a facility that 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,” said Arpad “Arki” Busson, Chairman of Togus Urban Renewal.

“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,” Bayonne Mayor Jimmy 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.”

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