Albuquerque Mayor Tim Keller said that the new deal with NBCUniversal and Garcia Realty and Development to redevelop an empty free-span warehouse as a TV and film production location will bring many jobs and economic growth to the city.
The NBCUniversal’s New Mexico Production Studio celebrated its arrival in Albuquerque official with a ribbon-cutting on Thursday, June 24 and is expected to generate over $1 billion throughout its ten-year contract with the city, a press release from the Albuquerque Economic Development said.
"Bringing @NBCUniversal to town, and half a billion dollars in direct production spending, supports long-term careers for our talented, local film industry workforce and has an incredible impact on local businesses," Keller wrote in a tweet.
The New Mexico Economic Development Department is giving $7.7 million through the Local Economic Development Act (LEDA), and the City of Albuquerque is offering $3 million from its LEDA fund for the redevelopment and production commitment, the release said.
"Albuquerque is a top-five film city, and by adding film and television production operations to Albuquerque, we are positioning the economy for growth as we capture these new film industry dollars,” Keller said in the press release.
Over the next ten years. it is expected that NBCUniversal will produce more than 330 full-time jobs year around with the total number of jobs, direct or indirect, exceeding 800, an economic analysis by the state. According to the press release, the location will also produce more than an economic impact of $1.1 billion throughout the ten-year contract it has signed.
According to the press release, NBCUniversal and Garcia Realty and Development have taken over an empty warehouse located 1601 Commercial St. for the new TV and filming production location. NBCUniversal has a goal of reaching $500 million in direct production spending, which will in turn help the local economy.