{"id":1004713101,"date":"2024-05-09T02:58:07","date_gmt":"2024-05-09T10:58:07","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004713101"},"modified":"2024-05-09T06:52:54","modified_gmt":"2024-05-09T14:52:54","slug":"new-jersey-awards-tax-credits-for-1-5-msf-studio-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/new-jersey-awards-tax-credits-for-1-5-msf-studio-project\/","title":{"rendered":"$1B New Jersey Studio Project Moves Forward"},"content":{"rendered":"\n<div class=\"wp-block-jetpack-slideshow aligncenter\" data-effect=\"slide\"><div class=\"wp-block-jetpack-slideshow_container swiper-container\"><ul class=\"wp-block-jetpack-slideshow_swiper-wrapper swiper-wrapper\"><li class=\"wp-block-jetpack-slideshow_slide swiper-slide\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"3592\" height=\"2696\" alt=\"1888 Studios\" class=\"wp-block-jetpack-slideshow_image wp-image-1004713104\" data-id=\"1004713104\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/1888-Studios-Rendering-2-e1715246575585.jpg?w=1024\"\/><figcaption class=\"wp-block-jetpack-slideshow_caption gallery-caption\">1888 Studios will be the first campus-style film and studio facility in the Northeast. Renderings courtesy of the New Jersey Economic Development Authority<\/figcaption><\/figure><\/li><li class=\"wp-block-jetpack-slideshow_slide swiper-slide\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"4800\" height=\"2697\" alt=\"1888 Studios\" class=\"wp-block-jetpack-slideshow_image wp-image-1004713105\" data-id=\"1004713105\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/1888-Studios-Rendering-3.jpg?w=1024\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/1888-Studios-Rendering-3.jpg 4800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/1888-Studios-Rendering-3.jpg?resize=300,169 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/1888-Studios-Rendering-3.jpg?resize=768,432 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/1888-Studios-Rendering-3.jpg?resize=1024,575 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/1888-Studios-Rendering-3.jpg?resize=1536,863 1536w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/1888-Studios-Rendering-3.jpg?resize=2048,1151 2048w\" sizes=\"(max-width: 4800px) 100vw, 4800px\" \/><figcaption class=\"wp-block-jetpack-slideshow_caption gallery-caption\">1888 Studios rendering<\/figcaption><\/figure><\/li><li class=\"wp-block-jetpack-slideshow_slide swiper-slide\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"4800\" height=\"2697\" alt=\"1888 Studios\" class=\"wp-block-jetpack-slideshow_image wp-image-1004713106\" data-id=\"1004713106\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/1888-Studios-Rendering-4.jpg?w=1024\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/1888-Studios-Rendering-4.jpg 4800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/1888-Studios-Rendering-4.jpg?resize=300,169 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/1888-Studios-Rendering-4.jpg?resize=768,432 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/1888-Studios-Rendering-4.jpg?resize=1024,575 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/1888-Studios-Rendering-4.jpg?resize=1536,863 1536w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/1888-Studios-Rendering-4.jpg?resize=2048,1151 2048w\" sizes=\"(max-width: 4800px) 100vw, 4800px\" \/><figcaption class=\"wp-block-jetpack-slideshow_caption gallery-caption\">1888 Studios rendering<\/figcaption><\/figure><\/li><li class=\"wp-block-jetpack-slideshow_slide swiper-slide\"><figure><img loading=\"lazy\" decoding=\"async\" width=\"2927\" height=\"1391\" alt=\"1888 Studios Rendering\" class=\"wp-block-jetpack-slideshow_image wp-image-1004713107\" data-id=\"1004713107\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/1888-Studios-Rendering-1.jpg?w=1024\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/1888-Studios-Rendering-1.jpg 2927w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/1888-Studios-Rendering-1.jpg?resize=300,143 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/1888-Studios-Rendering-1.jpg?resize=768,365 768w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/1888-Studios-Rendering-1.jpg?resize=1024,487 1024w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/1888-Studios-Rendering-1.jpg?resize=1536,730 1536w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/05\/1888-Studios-Rendering-1.jpg?resize=2048,973 2048w\" sizes=\"(max-width: 2927px) 100vw, 2927px\" \/><figcaption class=\"wp-block-jetpack-slideshow_caption gallery-caption\">1888 Studios Rendering<\/figcaption><\/figure><\/li><\/ul><a class=\"wp-block-jetpack-slideshow_button-prev swiper-button-prev swiper-button-white\" role=\"button\"><\/a><a class=\"wp-block-jetpack-slideshow_button-next swiper-button-next swiper-button-white\" role=\"button\"><\/a><a aria-label=\"Pause Slideshow\" class=\"wp-block-jetpack-slideshow_button-pause\" role=\"button\"><\/a><div class=\"wp-block-jetpack-slideshow_pagination swiper-pagination swiper-pagination-white\"><\/div><\/div><\/div>\n\n\n\n<p>Togus Urban Renewal LLC has secured a Film-Lease Partner Facility designation from The New Jersey Economic Development Authority for its 1888 Studios project in Bayonne, N.J. This will allow future tenants to benefit from increased tax credits for projects filmed under the Film and Digital Media Tax Credit program, with the condition that the developer commits to occupying the facility for at least five years.<\/p>\n\n\n\n<p>Designed by Gensler, the project represents the first campus-style film and studio facility in the Northeast. It is slated to span 1.5 million square feet, occupying 58 acres of land and 20 acres in Newark Bay. Completion for the $1 billion project is expected in 2026.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/why-cre-investors-are-zooming-in-on-studios\/\">Why CRE Investors Are Zooming In on Studios<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-text-color has-cyan-bluish-gray-color has-alpha-channel-opacity has-cyan-bluish-gray-background-color has-background is-style-wide\"\/>\n\n\n\n<p>Plans call for 23 smart sound stages that range from 18,000 to 60,000 square feet. Other features include 40- to 50-foot ceilings, 350,000 square feet of production support space, office spaces, mills, lighting and grip facilities, as well as outdoor backlot space and storage.<\/p>\n\n\n\n<p>Public financing for the development includes a $65 million bond, approved in March 2023. Bayonne City Council also passed a 30-year PILOT agreement, under which the developer\u2019s payments will start at roughly $2.6 million annually, and gradually increase to $7.5 million, as reported by <em>NJ.com<\/em>. The studio is slated to create some 2,100 full-time permanent jobs, according to the same source.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-film-lease-partner-benefits\">Film-Lease Partner benefits<\/h2>\n\n\n\n<p>Governor Murphy reinstated the Film and Digital Media Tax Credit program in 2018, which is funded through 2039. It was expanded in 2021 with $400 million in annual allocations and by allowing NJEDA to designate Film-Lease Partner facilities. The program provides tax credits of as much as 40 percent for labor expenditures and up to 35 percent for production expanses, as well as potential diversity credit of up to 4 percent.<\/p>\n\n\n\n<p>Tenants can receive increased tax credit awards if they qualify as film-lease production companies. In order to receive the designation, the production firms need to film at least half of the total shoot days at the facility.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The 1.5 million-square-foot campus is slated to come online in 2026.<\/p>\n","protected":false},"author":3120,"featured_media":1004713104,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,37753,21752,1600,21742,10],"tags":[38168],"class_list":["post-1004713101","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-research-center-finance","category-mixed-use","category-new-york","category-latest","category-northeast","tag-new-jersey-economic-development-authority"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>$1B New Jersey Studio Project Moves Forward - 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