Netflix has purchased a former Army installation in New Jersey to build a $850 million film studio.
Netflix is purchasing a former New Jersey Army facility to build one of the world’s largest production centres.
The Fort Monmouth Economic Revitalization Authority (FMERA) approved on Wednesday to sign into a sales contract with the streaming company to purchase Fort Monmouth’s Mega Parcel for $55 million.
FMERA is the state body in charge of redeveloping Fort Monmouth, which the US Army closed in 2011.
Netflix has stated that it will invest up to $850 million in the construction of a cutting-edge production complex with 12 sound stages, auxiliary production areas, and back lots.
Equal in size and scale to its New Mexico facilities, to create TV shows and films, including originals. Production will also go on location at picturesque locations across the state on occasion.
“This will be a critical focus point for us and our East Coast production base,” said Netflix’s head of content and studio relations, Rajiv Dalal.
Netflix forecasts that it will create between $7.4 billion and $8.9 billion in output for production and building over the next 20 years.
It forecasts that the value contributed to New Jersey’s economy as a direct result of that activities over that same time period would be between $3.8 billion and $4.6 billion.
During peak development, Netflix forecasts that the project will provide up to 3,500 jobs. Netflix production is expected to produce between 1,400 and 2,200 jobs per year once the studio is fully operating.
Furthermore, Netflix anticipates a significant ripple effect as the production centre may stimulate private sector capital investment in adjacent industry infrastructure and enterprises, such as post-production and other digital facilities and services.
State of New Jersey In a news statement published following the approval, Gov. Phil Murphy called the investment revolutionary and a cornerstone in the state’s efforts to develop a successful economy.
In all, 725 projects were held in New Jersey in 2021, including 68 feature films and 132 television shows.