NBCUniversal Announces $500 Million Commitment to New Mexico
From KQRE Media
June 10, 2019 – NBCUniversal will be the next media giant to establish roots in Albuquerque.
NBCUniversal has entered into a 10-year venture with Garcia Realty and Development to redevelop an empty warehouse located at 1601 Commercial Street NW into a state-of-the-art television and film studio.
The development is expected to cost $4 million and will have two sound stages, offices and a mill. The facility will be used by NBCUniversal to produce scripted productions for many platforms, including broadcast and cable channels.
According to a press release, NBCUniversal will employ more than 330 full-time jobs year round and generate an economic impact of $1.1 billion over 10 years. According to an economic analysis by the state, the total number of jobs, direct and indirect, should exceed 800.
The state of New Mexico Economic Development Department is providing $7.7 million through the Local Economic Development Act. The City of Albuquerque is also pledging another $3 million from its LEDA fund to the redevelopment and production commitment.