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Arki Busson’s Hollywood Dream in New Jersey – A Billion-Dollar Bet on Film Production
Edited by: Fern Sidman
Arpad “Arki” Busson, a financier with a storied background and a colorful personal life, is embarking on an ambitious venture to recreate the Golden Age of Hollywood — but not in Los Angeles, according to a report in The Wall Street Journal. Instead, Busson is setting his sights on the blue-collar town of Bayonne, New Jersey. This unexpected location is set to become home to one of the largest film production facilities in the United States.
Busson, who was raised in Paris and Switzerland, has lived a life interwoven with glamour and high finance. He has dated supermodels, a British aristocrat, and a Hollywood star, and his career in finance took off in London after meeting Wall Street legend Paul Tudor Jones in the 1980s, as was reported by the WSJ. Despite these glamorous associations, Busson’s latest project brings him to a more industrial setting, where he plans to transform a former Texaco energy plant into a cutting-edge film production hub.
The centerpiece of Busson’s vision is 1888 Studios, a sprawling complex that will include 23 soundstages spread across 17 buildings, covering over 1.5 million square feet of production services, complete with a loading dock and a helipad. According to the information provided in the WSJ report, the facility will provide comprehensive film production services, featuring a loading dock and even a helipad to accommodate high-profile visitors. The name 1888 Studios is a nod to the year often credited with the birth of modern film, and Busson seeks to capture that pioneering spirit.
Busson is not embarking on this venture alone. He has teamed up with prominent financial backers, including Louis Moore Bacon’s Moore Capital and the Rothschild family, bringing significant investment power and credibility to the project. Capitalizing on New Jersey’s film-industry incentives, Busson secured up to 50% of the project costs as tax credits from the New Jersey Economic Development Authority, with a cap of $400 million, as per the information contained in the WSJ report. So far, he has invested about $100 million and anticipates the total investment to reach $1.2 billion by the time the studio is completed in 2026.
The demand for soundstages and production facilities has surged in recent years, driven by the proliferation of streaming services. Giants such as Netflix and Amazon have been joined by new players such as Paramount+, Peacock, and Disney+, all vying for a share of the lucrative streaming market, the WSJ report indicated. This boom in content creation has made production facilities a hot niche in commercial real estate, attracting investments from industry heavyweights such as Blackstone and Vornado Realty Trust.
While New York City has traditionally been the second-largest studio hub in the U.S. after Los Angeles, Busson found New Jersey’s incentives more compelling. The Garden State’s generous tax credits and strategic location provide a favorable environment for his ambitious project. The report in the WSJ indicated that the state’s proactive approach to attracting the film industry has positioned it as a competitive alternative to New York, making it an attractive site for large-scale production facilities.
With construction underway, 1888 Studios is poised to become a significant player in the film production industry. The project promises to bring jobs and economic growth to Bayonne, transforming the former industrial site into a bustling center of creativity and commerce. The WSJ report said that Busson’s vision for the studio is not just to build a facility but to create a legacy that harkens back to the Golden Age of Hollywood, setting a new standard for film production on the East Coast.
“We understood that on the infrastructure side, New York was lagging,” Busson explained to the WSJ, “They didn’t have a campus. Unlike L.A. or Georgia, New York didn’t have a mix of stages for film and TV on a single complex.” This insight prompted Busson to envision 1888 Studios as a comprehensive, state-of-the-art production facility.
Designed by Gensler architects in a 1930s Art Deco style, 1888 Studios pays homage to the year Thomas Edison invented the motion-picture camera, the WSJ report revealed. The facility will feature high-powered smart soundstages and extensive production support spaces, making it a one-stop destination for filmmakers.
At 61, Busson is venturing into the content-creation business, a new domain for the French-born financier and philanthropist. He is well-known in Europe for his financial acumen and charitable endeavors. The WSJ report noted that he founded Ark, which stands for Absolute Return for Kids, a charity that has raised millions through high-profile galas. One such event in 2011 was attended by the Duke and Duchess of Cambridge, newlyweds at the time.
Busson’s personal life has often been a subject of fascination in the London tabloids. His relationships with supermodel Elle Macpherson, with whom he has two sons, and actress Uma Thurman, with whom he has a daughter, have kept him in the public eye, according to the WSJ report. Currently, he is dating Jemma Kidd, who was previously married to the son of the Duke of Wellington. Despite the media attention, Busson remains focused on his ambitious project.
Busson’s dedication to 1888 Studios extends to his family. One afternoon in July, he was spotted at Bayonne’s Starting Point Bar and Grill, dressed in a black suit and black-and-white sneakers, sipping a beer, the WSJ report indicated. He was soon joined by his son, Flynn Busson, 26, who serves as the vice president of business development for 1888 Studios. This familial involvement calls attention to Busson’s commitment to the project and its long-term success.
Transforming the former Texaco energy plant into a modern production facility posed significant challenges. Bayonne Mayor Jimmy Davis recounted some of the obstacles, including an innovative but ultimately unsuccessful attempt to clean the site. “I remember one time they put all those microbes in the ground who were supposed to eat the oil. They all died,” Davis recalled when speaking to the WSJ. Despite these setbacks, the redevelopment of the site continues, driven by Busson’s vision and investment.
Busson is leveraging New Jersey’s film-industry incentives to make 1888 Studios a reality. The New Jersey Economic Development Authority has granted up to 50% of the project costs as tax credits, capped at $400 million, the report in the WSJ said. To date, Busson has invested about $100 million, and he expects the total investment to reach up to $1.2 billion by the time the studio is completed in 2026.
His willingness to clean up and develop a site that others have avoided has garnered significant respect and excitement from local officials and residents alike.
The WSJ also reported that New Jersey’s reliable power grid, managed by PSE&G, offers a substantial advantage over production stages in Queens or Brooklyn, which may struggle with power reliability for such energy-intensive operations.
The idea for 1888 Studios was sparked by a 2019 article in The Economist, which predicted that content spending would soon surpass investment in the oil and gas industry. Recognizing the burgeoning demand for streaming content, Busson saw an opportunity to capitalize on this trend. The WSJ report said that conversations with his longtime friend, musician Jon Bon Jovi, and an introduction to New Jersey Governor Phil Murphy solidified Busson’s resolve. “Arki has been a very successful investor and knows opportunity when he sees one,” Bon Jovi remarked, highlighting Busson’s acumen.
Busson’s decision to locate 1888 Studios in New Jersey was driven by several strategic factors. New Jersey offers larger tax credits compared to New York, making it financially more attractive for large productions. Additionally, the WSJ reported that the state’s proximity to a vast talent pool in both New York and New Jersey, coupled with other financial incentives, makes it an ideal location to attract major productions, movie stars, and associated jobs.
Previous attempts to establish “Hollywood East” have faced numerous challenges. Projects such as the unrealized Plymouth Studios in Boston and Tyler Perry’s $800 million project in Georgia, which is currently on hold due to advancements in AI, highlight the difficulties in this sector, according to the information in the WSJ report. However, Busson remains undeterred. His project joins other significant developments in New Jersey, including facilities by Netflix and Lionsgate, indicating a growing interest in the state as a viable hub for film production.
For Busson, 1888 Studios represents more than just a business venture; it embodies a blend of American industrial spirit and Hollywood glamour. “It’s America,” he told the WSJ. “It’s industrial America. It’s Hollywood. It’s the ’30s, it’s the whole dream.” This sentiment reflects his broader vision of creating a space that not only serves as a production facility but also as a symbol of innovation, creativity, and economic revitalization.
