1888 Studios Groundbreaking: Bayonne Becomes 'Hollywood of the East'

New Film and TV Production Hub in Bayonne

• 🎬 1888 Studios is establishing a new, state-of-the-art film and television production campus in Bayonne, New Jersey.
• 💡 The name "1888 Studios" honors Thomas Edison's patent for the first moving image camera, which occurred in New Jersey.
• 🏗️ The campus will feature 23 sound stages on a 60-acre site, formerly an oil refinery, which has undergone remediation and is built on 18 feet of clean soil.

New Jersey's Growing Film Industry

• 🌟 Bayonne is rapidly becoming known as the "Hollywood of the East", following similar announcements from Netflix in Fort Monmouth and Lionsgate in Newark.
• 🏙️ The location is strategic, being minutes from New York City and within the 25-mile union radius of Columbus Circle.
• 💰 New Jersey offers significant incentives, including 35% to 40% tax rebates for expenses and hiring, with an estimated $7 in economic activity for every dollar spent on incentives.

Economic Impact and Job Creation

• 📈 The project is expected to generate 4,300 jobs, comprising 2,300 in construction and 2,000 studio-related positions.
• 🏘️ While the development is anticipated to boost local business and attract new talent, it has also led to concerns about rising rents in the area.
• ⏳ The entire 60-acre site is projected to be fully operational as film and television studios within the next two to three years, with completion expected in two and a half years.
• 🤝 Global players like Paramount have reportedly signed long-term leases, indicating significant industry confidence in the location.