Netflix and the State of New Jersey have confirmed plans to build a new $848 million production facility at the former Army base in Monmouth, N.J.
The streamer will pay $55 million for the 292-acre plot of land at the former Fort Monmouth military installation in Eatontown and Oceanport. It will then put nearly $848 million into the redevelopment project.
Over several years, construction will be completed in two parts, with Netflix first erecting 12 sound stages.
“We’re thrilled to continue and expand our significant investment in New Jersey and North America,” said Ted Sarandos, the company’s co-CEO and chief content officer. “We believe a Netflix studio can boost the local and state economy with thousands of new jobs and billions in economic output, while sparking a vibrant production ecosystem in New Jersey.”
The effort is underway while major entertainment businesses are under pressure to cut back on content spending. However, studio space continues to be in high demand due to a shortage of modern stages, particularly in the tri-state and New York metro areas.
Also on Wednesday, Lionsgate announced an agreement with the New Jersey Economic Development Authority to advance a plan to establish Lionsgate Newark Studios, an endeavor which will hopefully create up to 600 jobs and up to $800 million in economic impact for Newark and the state.
Fort Monmouth’s appeal was a result of its size and location. The streamer mentioned how well-regarded the crews and talent in New Jersey are, and how it has had positive experiences shooting in the state for shows like Army of the Dead.
“This transformative investment will serve as a cornerstone in our efforts to create a thriving industry from whole cloth,” said New Jersey Gov. Phil Murphy. “As a result of nearly a billion dollars in film production spending, New Jersey will further solidify its status as an emerging national leader in the television and film industries.”