According to the national media, a former military base will be home to one of the largest film production studios in the world as entertainment giant Netflix has agreed to buy almost 300 acres of land not far from the Jersey Shore.
Streaming giant Netflix will invest $905 million to transform the Fort Monmouth base in New Jersey into its East Coast production hub. The streamer, known for hits like “Stranger Things” and “Emily in Paris,” said it paid $55 million for the 292-acre Fort Monmouth base in Eatontown and Oceanport.
“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,” said Ted Sarandos, Netflix co-C, EO, and chief content officer, in announcing the deal.
The California-based company plans to invest nearly $850 million worth of investments in 12 sound stages and for other uses related to the film industry.
“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.”
New Jersey Gov. Phil Murphy said Netflix’s arrival will create more than 1,500 permanent production jobs in the area, as well as 3,500 construction jobs.
“This transformative investment will serve as a cornerstone in our efforts to create a thriving industry from whole cloth,” Murphy said. “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.”
Murphy said the project will create new housing, hotel, and film-related businesses in the area, which has suffered economically since the Army closed the base in 2011.The project is due to be completed in two phases over several years. The first will include the construction of a dozen sound stages, each ranging in size from 15,000 to 40,000 square feet (around 1,400 to 3,700 square meters.
The plan still needs numerous levels of approval from local and state officials.