Netflix is purchasing the former Fort Monmouth facility. It is anticipating that it will build one of the largest production facilities in the world. It took 11 years for this transaction to materialize. The Fort Monmouth Economic Revitalization Authority, FMERA, voted this week to approve the purchase contract for $55 million.
Netflix is expecting to invest $850 million to build out what is expected to be a state-of-the-art production facility, with 12 sound stages in addition to backlots.
According to some estimates, Netflix is projecting that the facility will result in $7.4 billion worth of production and construction revenues for the region. This translates into potentially 3,500 construction jobs and between 1,400 and 2,200 jobs annually.
This kind of economic infusion could potentially have a ripple effect, helping local small businesses regain some of the fiscal momentum that was erased by the pandemic, in addition to making New Jersey a new Hollywood hub of activity.
This media metamorphosis is not occurring within a creative silo, but rather it is coming on the heels of a record-breaking 2021 in which New Jersey was homebase for 725 productions, which included feature films and television series. All of this brought over 5,500 jobs to the state, according to the New Jersey Economic Development Authority.
This fantastic fiscal phenomenon basically came through the efforts of Governor Murphy, who applied some of the negotiating skills he developed while working at Goldman Sachs. Governor Murphy didn’t hold anything back, including a $14.5 billion economic package.
Netflix was also recognizing that the talent pool of many creative personnel was very rich due to its proximity to New York City, where the company has a studio in Brooklyn.
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