Gov. Phil Murphy today approved the Fort Monmouth Economic Revitalization Authority’s (FMERA) recent meeting minutes, bringing Netflix closer to its goal of creating a nearly 300-acre East Coast film and television production hub.
The company’s plan to build a state-of-the-art motion picture and television production facility was first announced in December of 2022. The studio campus will be completed in two phases over the course of several years. The first phase 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 500,000 square feet.
The project is expected to create more than 1,500 permanent production jobs and more than 3,500 construction-related jobs.
“Netflix’s historic investment in Fort Monmouth’s future, which will generate thousands of union jobs and significant revenue, is a testament to our broader strategy when it comes to establishing New Jersey as the Northeastern home for film and entertainment,” Murphy said. “This campus is no longer a painful reminder of economic decline and disinvestment. Instead, Fort Monmouth now stands as a symbol of renewal and revived hope.”
According to Ted Sarandos, Netflix co-CEO, “Netflix Studios Fort Monmouth will drive significant economic growth and create meaningful job opportunities for people in New Jersey while boosting the vibrant production ecosystem here in the state where the modern film industry was born. While we still have a lot of work to do, we’re excited to continue partnering with Gov. Murphy, local officials, and the community.”
Netflix has committed to $848 million in capital investments to develop the facility on a parcel that spans both Oceanport and Eatontown, becoming the largest project in both scale and investment in Fort Monmouth’s history. The project will add to the more than 30 additional redevelopment projects that have already begun since the military shut Fort Monmouth over a decade ago.
In addition to the construction of 12 soundstages, current structures will also be redeveloped for other purposes such as studio backlots and office space, and a myriad of additional uses in support of production activities. If adopted, the proposed amendment to the Fort Monmouth Reuse and Redevelopment Plan will also permit the creation of new, affordable housing units to serve the community.
Since FMERA authorized the Purchase and Sale and Redevelopment Agreement with Netflix for the property last year, Netflix has continued working to obtain the additional approvals necessary to make the project a reality.
Senator Vin Gopal said he is excited that Netflix is coming to Fort Monmouth. Adding that his mother worked at the former military complex, he recalls that its closing was devastating for the local economy. Because of that, he said there was a tireless effort to make sure local small businesses will benefit from the Netflix studio and its expected economic impact.
According to Michele Siekerka, president and CEO of New Jersey Business & Industry Association, “Netflix’s capital investments will result in future-proof production industry jobs that will help bolster our state’s economy and enhance our identity as a national go-to for both small and large productions. Netflix’s presence will also bring positive results for neighboring small businesses. We look forward to the first ‘Action!’ to take place at Fort Monmouth.”
Over the past six years, the Murphy administration has worked alongside the Legislature and the New Jersey Motion Picture & Television Commission to create a film incentive program that has helped attract more business to the state. Last year alone, the film and television production industry poured more than $650 million into the state’s economy – an increase of more than $150 million over the year prior – and created more than 8,500 jobs.
According to Greg Hancox of the International Alliance of Theatrical Stage Employees, Moving Picture Technicians, Artists and Allied Crafts of the United States, Its Territories and Canada (IATSE), the state’s film tax incentive program is paying off as seen by the planned film and television production studios in Newark, Kearny, Harrison and Jersey City. “It is clear that with the tax incentives put in place, entertainment industry growth in the Garden State will be something not seen in anybody’s lifetime,” Hancox said.
To access more business news, visit NJB News Now.Related Articles: