MOONACHIE, N.J. (CBSNewYork/AP) — Macy’s unveiled a new home for its famed parade studio on Wednesday.

The company held a ribbon-cutting ceremony Wednesday morning to formally open its new studio in the northern New Jersey community of Moonachie, culminating a year-long construction project.

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Artists at the nearly 72,000-square-foot building will design and build the parade’s signature elements, including balloons and floats. It also houses a massive costume making and restoration operation.

The studio had formally been housed for over 40 years in a 40,000-square-foot building in Hoboken. But it outgrew that site, which could not be expanded to fit the company’s needs.

“We loved our home of Hoboken for 43 years and with each year we grew into it and evolved with it and became more and more to the point where we almost grew out of it,” John Piper, Vice President of Macy’s Parade Studio, told WCBS 880’s Levon Putney.

About 100 artists, builders, and balloon technicians will work at the studio. They work on the parade arrangements year-round, and usually begin planning the next year’s parade the day after Thanksgiving.

(TM and Copyright 2011 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2011 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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