MONMOUTH COUNTY, NJ – Netflix is set to open a new, state-of-the-art production studio in Monmouth County, New Jersey.
It is expected to create thousands of jobs.
The $900 million facility will open on the former Fort Monmouth military base and will be built in two phases.
They will start by building 12 sound stages. Gov. Phil Murphy says it will also bring new housing, hotels and film companies to the area.
The area itself suffered financially after the Army closed the base in 2011.
Netflix will pay $55 million for the 292-acre site as part of the studio’s development.
“We are very excited to continue and expand our significant investment in New Jersey and North America,” said Ted Sarandas, the company’s co-CEO and chief content officer. “We believe Netflix Studios has the potential to boost the local and state economy with thousands of new jobs and billions in economic output, while launching a vibrant manufacturing ecosystem in New Jersey.”
The plan still needs multiple approvals from local and state officials.
“This transformational investment will serve as a cornerstone in our efforts to create a thriving whole-cloth industry,” said New Jersey Governor Phil Murphy, Democrat. “With nearly a billion dollars in film production spending, New Jersey will further cement its status as the new national leader in the television and film industry.”
Another $125 million TV and film production studio is slated to be built in Newark, anchored by global entertainment provider Lionsgate, officials announced in May.