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Updated with the approval of the official government. New Jersey Governor Phil Murphy announced that the state has officially approved plans to redevelop the former Fort Monmouth site into a state-of-the-art production facility with Netflix.
The streaming leader will invest approximately $848 million in the redevelopment process. “The transformational investment will serve as a cornerstone in our efforts to create a thriving industry from across the board,” said Gov. Murphy, adding that the facility would create “an entirely new ecosystem.” This will include industrial work, housing, hotels and ancillary businesses. Services
“We believe Netflix Studios can boost the local and state economy with thousands of new jobs and billions in economic output,” said Netflix Co-CEO Ted Sarendos.
Construction will be completed in two phases over several years, principals said.
Netflix spends about $18 billion a year on programming and plans to maintain that level for the foreseeable future despite the company’s overall cost-cutting efforts. While the rise of streaming has fueled production across the U.S. in recent years, New York is experiencing an explosion of activity. Neighboring New Jersey has taken several aggressive steps in recent years to attract produce to the Garden State.
First:
Netflix will pay $55 million for a large parcel of land in New Jersey, then invest about $850 million to build a state-of-the-art production studio, according to details of the streamer’s bid.
The Fort Monmouth Economic Revitalization Authority is expected to approve the plan at a meeting this evening.
The 289-acre site at Netflix Studios Fort Monmouth, a former military base, will be one of the largest fully integrated production facilities in the world and a close second to Netflix’s largest U.S. production center in Albuquerque, New Mexico. , which has a total of 300 acres. .
NJ Gov. Phil Murphy has a veto term, but the polls are pushing hard to bring produce to the Garden State with tax credits and other incentives.
About three to six months of due diligence by county and state officials will follow before work begins on site at the new studio, which includes 12 sound stages, back lots and production support.
The project comes at a time when major entertainment companies are under pressure to rein in content spending. But studio space remains a hot commodity, especially in the New York metro and tristate area, with demand moving beyond modern stages.
Netflix opened a studio in Bushwick, Brooklyn last year. He has leased stages in Atlanta, Toronto, Vancouver and throughout California, and internationally in London, Tokyo, Seoul and Madrid. “We don’t expect a slowdown in filming worldwide,” Netflix director of content and studio affairs Rajeev Dalal told KristenBellTattoos.com. “Given our slate of content, we still have plenty of titles to shoot in all these locations.”
Fort Monmouth’s attraction was a combination of size and location. The streamer cited New Jersey’s top-notch crew and talent and said he’s had good experiences filming shows in the state, including Army of the Dead. The area is versatile with proximity to major metropolitan areas as well as beaches, farmland and scenic backdrops.
Lionsgate will be the anchor tenant for the $125 million, 12-acre film and TV production studio by Great Point Studios and the New Jersey Performing Arts Center in Newark, which was announced earlier this year. Construction of a major production facility in Bayonne – 1888 Studios – is scheduled to begin in the first quarter of 2023. A second film studio has opened in Kearney this year. “We’re hoping that there’s been a significant number increase,” Dalal said.
(Separately Wednesday, Lionsgate was granted New Jersey’s first “studio partner” designation, making it eligible to claim additional overhead wage and salary costs as qualified expenses under the state’s industrial tax credit. New The Jersey Economic Development Authority asked the state to nominate up to three new studio partners.)
As with most such locally approved projects, jobs and workforce development play a key role. Netflix estimates the studio will create 3,500 jobs during peak construction and, conservatively, between 1,400 and 2,200 jobs when it’s fully operational. The streamer is estimated to cost between $7.4 billion and $8.9 billion over the next 20 years for production and construction. This adds $3.8 billion to $4.6 billion to New Jersey’s economy as a direct result of construction and manufacturing activity during that period. Training programs for workforce development are part of the bid.
“We look forward to working with FMERA and the governor’s office to make all of this a reality,” Streamer said.
A handful of other groups, mostly real estate developers, were also considering bids.
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