Netflix Plans Monmouth County, New Jersey, Production Campus
The campus will transform a property that has been largely vacant for more than a decade, according to Netflix officials. The company plans to develop the more than 292-acre parcel, adjacent to Route 35 in Eatontown and Oceanport, into 12 state-of-the-art soundstages totaling nearly 500,000-square-feet of new development, with the remainder of the property slated for redevelopment with supporting film uses and several community amenities. Work on the site is scheduled for two phases over the course of several years.
“We're thrilled to continue and expand our significant investment in New Jersey and North America. 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-CEO and Chief Content Officer. "We look forward to working with Governor Murphy, his administration and local leaders to finalize this deal in the months ahead. We thank the FMERA Board and their staff for selecting Netflix as the winning bid and for supporting our mission to create a state-of-the-art production facility at Fort Monmouth."
The announcement follows the authorization by the Board of the Fort Monmouth Economic Revitalization Authority of a Purchase and Sale & Redevelopment Agreement with Netflix for the property. The deal now enters a due diligence period and local approvals process before being finalized. Netflix will pay $55 million for the parcel, including a utility contribution of $5 million and the FMERA office relocation fee of $3 million, per the terms of the RFOTP.
“This transformative investment will serve as a cornerstone in our efforts to create a thriving industry from whole cloth,” noted Governor 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. Additionally, Netflix’s substantial direct investment will stimulate job creation and spark an entirely new ecosystem of housing, hotels, and ancillary businesses and services, bringing with it countless additional jobs and boosting the regional economy.”
The first phase of the project will include the construction of 12 soundstages that will range in size from 15,000-square-feet to 40,000-square-feet each with a minimum total buildout of 180,000-square-feet and a maximum buildout of 480,000-square-feet.
“Our team is incredibly passionate about Fort Monmouth’s revitalization and is committed to surpassing the Fort’s prior role as a major economic driver in the region,” added FMERA Executive Director Kara Kopach. “A project of this scale has the potential not only to create thousands of jobs but will also result in significant investment on the Fort and spur local development in support of the project. The magnitude of Netflix’s investment is an absolute windfall for our stakeholders and the State of New Jersey. We’re eager to see this project come to fruition.”
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