Netflix to open $900M facility at former Fort Monmouth Army base in New Jersey
New Jersey Gov. Phil Murphy called the new plan a 'transformative investment'
Netflix has announced plans to build a new $900 million production facility at the former Army base in Jersey Shore, New Jersey.
The plan is expected to create thousands of jobs at the 292-acre site on the former Fort Monmouth military base in Eatontown and Oceanport, a property the streaming company will purchase for $55 million.
"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."
The new project will also create new housing, hotel and film-related businesses in the area, New Jersey Gov. Phil Murphy said Wednesday.
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"This transformative investment will serve as a cornerstone in our efforts to create a thriving industry from whole cloth," said Murphy added. "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."
The plan was announced after the Fort Monmouth Economic Revitalization Authority said it accepted Netflix's bid over three competing offers.
The California-based video streaming company announced it would invest an additional $848 million for 12 sound stages, each ranging in size from 15,000 to 40,000 square feet (around 1,400 to 3,700 square meters).
These stages will be constructed in the first of two stages, which will take place over several years.
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Additional office spaces, production services buildings and related studio spaces will also be added.
"We are thrilled by the promise this Netflix project will deliver," said Michele Siekerka, president and CEO of the New Jersey Business and Industry Association. "Jobs and innovation are at the heart of this Netflix-New Jersey partnership, just as they were throughout Fort Monmouth’s rich history."
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The plan will still need to be approved by local and state officials before it is finalized.
The Pentagon announced in May 2005 that it would be closing Fort Monmouth, a hub of the army's electronics research and communications.
The Associated Press contributed to this report.