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State and local officials, including New Jersey Governor Phil Murphy and Governor-elect Mikie Sherrill, celebrated the closing of a deal to establish a $1 billion Netflix production complex at Fort Monmouth. The complex will span 292 acres across Eatontown and Oceanport, featuring 12 state-of-the-art soundstages and various production facilities. The deal was finalized with a $55 million purchase of the former U.S. Army base.
The event, held at The Park Loft in Oceanport, included Netflix co-CEO Ted Sarandos and other key officials. Sarandos highlighted the project's potential to bring new jobs and economic opportunities to New Jersey, describing it as a "state-of-the-art production facility" that will transform the area. Governor Murphy called the project the most complex of his administration, emphasizing its significance in revitalizing the site and the local economy.
The development is expected to generate thousands of jobs and billions of dollars in economic output. Demolition of existing structures is underway, with the studio projected to open in 2028. The project has required extensive approvals for zoning, environmental impact, and other site-specific issues.
Netflix's commitment to New Jersey is part of a broader effort to expand its production capabilities on the East Coast. The company has already filmed nearly 20 titles in the state, employing over 500 people in ongoing productions. The state's Film and Digital Media Tax Credit Program, offering up to 40% tax credits, has been a significant factor in attracting such projects.
Governor-elect Sherrill expressed excitement about the future workforce opportunities the project will create, stating that the collaboration with Netflix marks the beginning of a new chapter for the region. The Fort Monmouth site, once largely vacant, is set to become a cornerstone of New Jersey's film and television industry.