Attracting lucrative and dynamic commercial real estate tenants is a very valuable resource to be able to demonstrate.
Who would have believed that Monmouth County would have become the prime destination for one of the largest streaming media services in the world, Netflix. But it’s going to come about. It is only after a number of years of planning and implementation that this giant media behemoth is going to make its home at the former site of Fort Monmouth in Eatontown. What had originally been a U.S. Army post, Fort Monmouth, representing 1,126 acres of land, will become the Hollywood East home to Netflix right here in the Garden State. The studio is intending to invest approximately $1 billion in 12 sound stages and other facilities, including banks, fitness centers, a hotel and even possibly a helipad.
This is going to be a great economic boon for the municipalities of Eatontown and Oceanport especially, but also adjacent municipalities, including Little Silver and Shrewsbury, are expecting to reap benefits as well. The arrival of Netflix is potentially going to create 10,000 new jobs and over $2 billion in total redevelopment. The new Netflix studio is probably going to require at least four years of building and construction.
One of the incredible legacy benefits to attracting such a commercial tenant is that it has a long-term return on investment. Netflix can be expected to continue to not only grow, but also impact and attract other commercial tenants that would be subcontractors and supporting businesses surrounding the studio operation.
If you have any questions about this information or title insurance, please contact Ralph Aponte: 732.914.1400.
Counsellors Title Agency, www.counsellorstitle.net, founded in 1996, is one of New Jersey’s most respected title agencies, serving all 21 New Jersey counties with title insurance, clearing title, escrow, tidelands searches, and closing and settlement services for commercial or industrial properties, waterfront properties and marinas, condominiums, townhouses or residential single-family homes. Counsellors Title also features its own Attorney Settlement Assistance Program™ [ASAP], which is an individual resource customized to fit the needs specifically of real estate attorneys, including, Documentation, Preparation, Disbursement of Funds, Attendance at Closing, HUD Preparation or Post-Closing Matters.
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