One of the world’s leading streaming entertainment services has announced plans to significantly expand its footprint in Albuquerque.
Netflix Incorporated says it will invest up to $150 million in capital expenditures to add to its existing facilities in the city’s Mesa Del Sol neighborhood.
Two years ago, to much fanfare, Netflix purchased Albuquerque Studios, subsequently spending up to $200 million in metro Albuquerque and larger New Mexico.
With the new expansion, adding some 300 acres to Netflix’s current Albuquerque operations, the company’s studios will become one of the largest film and TV production facilities in the country.
The expansion project will see the building of any number of backlots, production offices, and training facilities, along with ten stages.
In a statement, Ted Sarandos, co-chief executive officer of Netflix, noted that one of the reasons for the company’s renewed commitment to the Land of Enchantment is the state’s “outstanding production and business environment in close proximity to Los Angeles, with some of the best crews and creative talent in the world.”
To help secure the expansion project, the State of New Mexico has agreed to put up around $17 million in Local Economic Development Act funding. Another $3 million is coming through the city’s local economic development funds.
The City of Albuquerque has additionally promised to issue an Industrial Revenue Bond to be used over a two-decade period for the abatement of property and other taxes.
Netflix’s Albuquerque facilities have been noticed within the industry for the pace of its work since the 2018 purchase. Current projects include the film The Harder They Fall and the Intrusion television series.
The company says it wants to start work, perhaps early next year, on the series Stranger Things.
With more than 195 paid subscribers, Netflix has become a formidable market presence offering TV series, movies, and documentaries.
The company additionally operates production facilities in Atlanta, Los Angeles, and New York, among other locations.
By Garry Boulard
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