Gov. Phil Murphy broke ground Tuesday for New Jersey’s newest major production studio, the first in Hudson County.
Once complete, 1888 Studios in Bayonne will be a 58-acre film and television production campus, a project intended to solidify New Jersey as a hub in the industry, with Paramount signing a 10-year lease as the anchor of the property. State officials say it is set to become the largest facility of its kind in the Northeast and one of the largest in the nation.
Tuesday’s groundbreaking comes less than two weeks after Netflix officially finalized a deal to buy the former Fort Monmouth property and days after a groundbreaking for the new Lionsgate studio in Newark’s South Ward.
The partnerships are the result of an expanded tax credit program under the state Economic Development Authority that allows the three studio partners to take advantage of a 40% tax break on qualified production expenses for future projects made in the state, and they are projected to generate hundreds of millions in revenue.
