NBCUniversal announce major production venture in Albuqurque, New Mexico
NBCUniversal will redevelop an empty fee-span warehouse in Albuquerque into a state of the art television and film studio with two sound stages, offices and a mill. The studio have revealed that the facility aims to reach USD500 million in direct production spending in the next ten years.
The US studio will produce both television and film projects at the facility and which is a ten-year venture with Garcia Realty and Development.
The state of New Mexico Economic Development Department is providing USD7.7 million through the Local Economic Development Act (LEDA) and the city of Albuquerque is pledging another USD3 million from its LEDA fund to the redevelopment and production commitment.
NBCUniversal will have more than 330 full-time jobs year-round at its New Mexico hub, generating an economic impact of USD1.1 billion over ten years. The total number of jobs, direct and indirect, should exceed eight-hundred, according to an economic analysis by the state.
“We are creating a significant film and TV industry cluster that supports high-salary careers in New Mexico,” said Economic Development Secretary Alicia J. Keyes, “With NBCU as the latest major New Mexico film partner, the state has the opportunity to become one of the most successful production hubs in the country”.
NBCU will also provide consistent funding from workforce development initiatives in New Mexico as well as aspiring director internships. These key initiatives, among other derived from this partnership, will support the growth of the local crew base, support local educational and mentorship institutions and market Albuquerque and New Mexico.
NBCUniversal will join a growing number of international companies that have set up production hubs in the state such as Netflix who bought ABQ studios in Albuquerque, New Mexico in 2018. Netflix's The Ballad of Buster Scruggs by the Coen brothers, as well Better Call Saul have shot in the state, as did Sony Pictures' upcoming Jumanji sequel have shot in the state.
New Mexico has a 25-30% Film Production Tax Rebate, and recently doubled its annual budget to USD50 million meaning that more film and TV productions will be able to benefit from the incentive by shooting in New Mexico. The new law also offers a unique partnership arrangement for studios and producers such as NBCUniversal, which commit to do business in the state for a decade or more. In order to build a permanent year-round workforce, the partnership studio businesses are exempt from the annual cap which will allow for more certainty to production and budget planning.
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