Netflix Buys an Abandoned Army Facility to Build a $900 Million Studio

In a former Army base near the Jersey Shore, Netflix said it intends to erect a cutting-edge production complex that will cost more than $900 million and generate thousands of jobs.

The 292-acre site on the former Fort Monmouth military post in Eatontown and Oceanport will be purchased by the subscription video streaming corporation for $55 million.

The California-based corporation intends to invest an additional $848 million in 12 sound stages and other film-related projects.

“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 announcement was made Wednesday evening after the Fort Monmouth Economic Revitalization Authority voted to choose Netflix’s bid above three rival offers.

“This transformative investment will serve as a cornerstone in our efforts to create a thriving industry from whole cloth,” said New Jersey Gov. Phil Murphy, a Democrat. “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 neighborhood has seen economic hardship since the Army decommissioned the post in 2011, he added, adding that the project will bring new housing, lodging, and film-related businesses to the region.

Netflix Buys an Abandoned Army Facility to Build a $900 Million Studio
Netflix Buys an Abandoned Army Facility to Build a $900 Million Studio

Over several years, the project is expected to be finished in two stages. The first will include building 12 sound stages, each measuring 15,000 and 40,000 square feet (around 1,400 to 3,700 square meters).

Office space, production services buildings, and related studio space may also be added, with the possibility of consumer-focused features like retail applications.

“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.”

Local and state officials still need to approve the idea at various levels.

The site of a now-demolished public housing project in Newark, New Jersey, will soon see the construction of a new TV and film production studio. According to announcements made in May, the $125 million 12-acre studio would be led by the major worldwide film company Lionsgate.

Do check out more related articles here:

Netflix Buys an Abandoned Army Facility to Build a $900 Million Studio

To build one of the most extensive production facilities in the world, Netflix is purchasing a former Army post in New Jersey.

On Wednesday, the Fort Monmouth Economic Revitalization Authority (FMERA) signed a sales agreement with the streaming behemoth to pay $55 million for Fort Monmouth’s Mega Parcel. The state organization redeveloping Fort Monmouth, which the American Army shut down in 2011, is FMERA.

To produce TV shows and movies, including originals, Netflix said it would spend up to $850 million on constructing a cutting-edge production facility with 12 sound stages, auxiliary production spaces, and back lots. This facility would be comparable in size and scope to its New Mexico studios. Occasionally, filming may take place on-location at picturesque locations throughout the state.

Rajiv Dalal, Netflix’s director of content & studio affairs, said, “This will be a critical focal point for us and it will be our East Coast production base.”

Do check out more related articles here:

The financial effects of Netflix

Over the next 20 years, Netflix expects to produce between $7.4 billion and $8.9 billion in output for production and development. It calculates that during the same period, such activity would have had a direct economic impact of between $3.8 billion and $4.6 billion on New Jersey.

According to Netflix, the project might create as many as 3,500 employees during its busiest periods of construction. It is predicted that once the studio fully functions, Netflix production might support 1,400 to 2,200 jobs annually.

In addition, Netflix anticipates a substantial knock-on effect because the production hub may encourage private sector investment in the infrastructure and businesses of related industries, such as post-production and other digital facilities and services.

Final Lines

We provided information regarding Netflix’s purchases of an old army base to create a brand-new production studio costing $900 million. In the preceding article. If you enjoyed this content, please return to our website Lee Daily.

Leave a Comment