The Albuquerque City Council has approved the LEDA funds and IRB for Netflix's expansion of Albuquerque Studios.
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The Albuquerque Business First article below outlines the details of the deal and Netflix's commitment. I had first learned of the details in the supporting documents for the ADC meeting late last month. The details of what Netflix is committed to build and how much it might spend on construction and capital improvements to Albuquerque Studios is quite exciting. Possibly as much as $500 million and at least $150 million of capital expenditures on top of the $2 billion in production spending. The 120,000 sq ft office building especially is an exciting detail to find out about.
https://www.bizjournals.com/albuquer...-approval.html
Quote:
In addition to committing another $1 billion in production spending — for a total of $2 billion in New Mexico by 2033 — Netflix plans to invest $500 million over the next 10 years to make improvements at ABQ Studios. The capital expenditures will be in two phases. They include $150 million for already identified projects that will move forward in the next two or three years, according to its project participation agreement with the city of Albuquerque.
Among Netflix's known projects for its expansion is a 120,000-square-foot office building, a 50,000-square-foot special effects warehouse, a post-production facility, 10 sound stages, dedicated space to construct sets and more.
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The city has decided to purchase the old Lovelace Hospital site on Gibson for the Gateway Center centralized homeless shelter and service center.
https://www.abqjournal.com/1524738/c...-facility.html
