Netflix has finalized the acquisition of a site at a former U.S. Army base in New Jersey, where it plans to invest approximately $1 billion in a state-of-the-art studio complex. The company secured nearly 300 acres of land, known as the Mega Parcel, for $55 million. This site spans the towns of Oceanport and Eatontown at Fort Monmouth.
Details of the Studio Complex
Netflix’s ambitious project includes the construction of 12 soundstages dedicated to television and film production. The studio will encompass nearly 500,000 square feet, with additional spaces for film-related activities and community amenities.
Economic Impact and Job Creation
According to Anne Kelly, Netflix’s vice president of studio management and services, the project is expected to generate new jobs and economic growth in New Jersey. Kelly expressed enthusiasm about transitioning the historic location into a premier studio and community hub.
Timeline and Previous Developments
The groundwork for this significant venture has been laid over several years. Netflix secured the Fort Monmouth site through a bidding process in 2022. The sale of the land was confirmed recently by the Fort Monmouth Economic Revitalization Authority (FMERA) via social media.
- Acquisition Price: $55 million
- Land Area: Approximately 300 acres
- Planned Construction: 12 soundstages, totaling 500,000 square feet
- Investment Amount: Roughly $1 billion
Regulatory and Financial Aspects
As part of the agreement, Netflix will pay an additional $5 million for utility improvements and a $3 million fee to FMERA. Last year, the New Jersey Economic Development Authority awarded the project up to $387 million in tax credits.
Future Prospects
Netflix began construction on the studio complex in May, marking a pivotal step in its plans for the site. The project is seen as part of the broader revitalization effort of Fort Monmouth, which FMERA aims to achieve through various successful developments over the past decade.
As Netflix moves forward, it remains committed to fostering its relationship with the local community, ensuring that the transformation of this historic location benefits everyone involved.
