FORT MONMOUTH, N.J. (1010 WINS) — Local officials approved Netflix’s bid to build an $850 million production facility in Fort Monmouth on Wednesday.
The streaming service will pay an additional $55 million for a 293-acre plot of land at the former military base.
The complex will include 12 sound stages, production support and a backlot and will serve to produce original films and series for Netflix.
Officials anticipate the project will bring 1,400 to 2,200 jobs to the region and generate between $7.4 billion and $8.9 billion over the course of the next 20 years.
Gov. Phil Murphy still needs to give approval to the project, but that seems likely given his praise for the proposal.
“[The facility] will serve as a cornerstone in our efforts to create a thriving industry from whole cloth,” said the governor on Wednesday.
This project is the latest step in New Jersey’s attempt to foster a film industry.
The state introduced a tax credit for film and television production in 2018 and expanded the program in 2021.
Lionsgate has plans to build a similar production studio in Newark in 2024.
The Netflix facility is also indicative of the streaming service’s recent investment in the Tri-State Area as the hub of its East Coast operations.
The company opened a studio in Brooklyn in 2021.
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