NBCUniversal is setting up shop in New Mexico, announcing plans on Friday to build a new TV and film studio in Albuquerque and pledging to spend $500 million in production over the next 10 years.
NBCU is entering into a 10-year venture with Garcia Realty and Development to redevelop an empty free-span warehouse in the New Mexico area into a state-of-the-art studio with two sound stages, offices and a mill. Over the next 10 years, NBCUniversal will produce television and film projects at the Albuquerque facility, with the aim of reaching $500 million in direct production spending.
“We are growing New Mexico’s film industry, diversifying our economy and creating exciting jobs – this is a home run deal,” New Mexico Gov. Michelle Lujan Grisham said. “I’m incredibly thrilled to welcome our state’s new partner, NBCUniversal. The media industry is increasingly vital to our state’s workforce, providing stable long-term employment for talented individuals of every age, from all parts of the state. I’m thrilled to be part of expanding that industry – and we will continue to do so.”
The deal comes just months after Gov. Grisham signed into law one of the most aggressive incentive packages for the film and television production industry in the United States, which doubled the annual payout for productions that come to New Mexico. This also comes as other states like Georgia and Louisiana are coming under fire for new abortion laws that have led to calls for Hollywood studios to boycott those states.
The state of New Mexico Economic Development Department is providing $7.7 million through the Local Economic Development Act (LEDA) and the city of Albuquerque is pledging another $3 million from its LEDA fund to the redevelopment and production commitment. NBCU will have more than 330 full-time jobs year-round at its New Mexico hub, generating an economic impact of $1.1 billion over 10 years. The total number of jobs, direct and indirect, should exceed 800, according to an economic analysis by the state.
Last October, Netflix purchased ABQ Studios in Albuquerque’s Mesa Del Sol community, pledging to spend $1 billion in production over the same time frame.
Read original story NBCUniversal to Build Production Studio in Albuquerque, Invest $500 Million Over 10 Years At TheWrap