NBCUniversal is entering into a 10-year venture with Garcia Realty and Development to redevelop an empty free-span warehouse in Albuquerque, New Mexico. The facility will be repurposed for a state-of-the-art television and film studio with two sound stages, offices and a mill.

According to state officials, over the next ten years, NBCUniversal will produce television and film projects at the Albuquerque facility, with the aim of reaching $500 million in direct production spending.

In addition, NBCUniversal and Garcia Realty and Development will jointly locate lighting, grip, and transportation operations at the facility, at 1601 Commercial St.

Alongside anticipated production spending, NBCUniversal will have more than 330 full-time jobs year-round at its New Mexico hub.

As an incentive, the state of New Mexico Economic Development Department is providing $7.7 million through the Local Economic Development Act and the city of Albuquerque is pledging another $3 million from its LEDA fund to the redevelopment and production commitment. The LEDA assistance is tied to specific economic development measures and subject to clawback provisions if NBCUniversal does not meet its benchmarks.

“We are growing New Mexico’s film industry, diversifying our economy and creating exciting jobs – this is a home run deal,” Governor 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.”

“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,” Mayor Tim Keller said. “When studios like NBCUniversal choose to expand and locate in Albuquerque, it establishes film as a permanent industry and provides steady ground for local film entrepreneurs, post-production work and a broad range of well-paid local jobs.”

“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.”

“Film and television are thriving components within the rapidly expanding creative economy in Albuquerque,” said Synthia Jaramillo, the city’s Economic Development Director. “We are excited to welcome NBCUniversal and have them join the momentum building here around film and television. With NBCUniversal selecting Albuquerque, it is clear Albuquerque has emerged as the next premier film and television hub, and we couldn’t be more proud and excited.”

“NBCUniversal is a household brand name that people know and love, and we are thrilled to welcome this multimedia leader to join our community’s growing film industry,” said Jim Chynoweth, Chair of Albuquerque Economic Development, Inc. “The company’s presence in Albuquerque further elevates our city as a great place for business investment, and NBCU’s production spending here will generate a positive economic impact through new contracts for local small businesses, and more jobs for New Mexicans.”