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Netflix is bringing Hollywood to New Jersey. The streaming giant just closed a $55 million deal to buy the former site of Fort Monmouth Army base. The company plans to build an $850 million studio on 300 acres encompassing portions of Eatontown and Oceanport.
According to the Asbury Park Press (APP), Netflix bid on the property two months ago and inked an agreement with the Fort Monmouth Economic Revitalization Authority Wednesday.
APP has more details:
In doing so, Netflix said it will invest upwards of $850 million to create one of the largest production facilities in the world, one with 12 sound stages, ancillary production spaces and back lots, similar in size and scope to its New Mexico studios. It will use the studios to produce high quality TV series and films, including originals. Production will also occasionally go on location at scenic backdrops around the state.
APP reports Netflix believes that over the next two decades, it could contribute up to $8.9 billion in revenue, adding almost $5 billion to the state’s economy.
The paper quoted a statement issued by New Jersey Governor Phil Murphy, who said Netflix’s “transformative investment will serve as a cornerstone in our efforts to create a thriving industry from whole cloth.”
“As a result of nearly a billion dollars in film production spending,” Gov. Murphy continued, “New Jersey will further solidify its status as an emerging national leader in the television and film industries.”
Netflix co-CEO Ted Sarandos said in a statement that the streamer is “thrilled to continue and expand our significant investment in New Jersey and North America.”
“We believe a Netflix studio can boost the local and state economy with thousands of new jobs and billions in economic output,” Sarandos said, “while sparking a vibrant production ecosystem in New Jersey.”
The Asbury Park Press notes that Netflix has a way to go before it finally closes the deal, including three years to finish due diligence and obtain various approvals from the affected townships.
