APPROVED: Netflix To Build $848M Production Studios in Monmouth County NJ!
Lights, camera action! And not in New York City or Hollywood... in New Jersey!
Plans for Netflix to construct a nearly $1 billion production facility in New Jersey have just been approved by New Jersey state officials, according to Deadline.
The ambitious construction plan for the former Fort Monmouth Army base in Monmouth NJ estimates a cost of about $848 million, and will help put New Jersey on the map as a major hub in the U.S. film industry.
Netflix had just won a bidding war for the 292-acre parcel of land of the former Army base, which closed in 2011. They will pay $55 million for the parcel, and invest the other ~$848 million to build the state-of-the-art production studios.
The plan is enthusiastically supported by Gov. Phil Murphy, who shared his excitement on Twitter on Wednesday when the plans were unveiled.
When will construction of the New Jersey Netflix studios begin?
They're not quite at that stage in the planning yet. Before dates are set to break ground, there will be around 3-6 months of due diligence approvals by county and state authorities.
How long will construction last?
There's not an exact timeline, but construction will be completed in 2 phases over several years.
What does this mean for New Jersey?
In a nutshell, thousands of jobs and a huge boost in the local and state economy. Netflix is estimating that the project will create about 3,500 jobs during construction, 1,400-2,200 jobs after completion, and the value of the New Jersey economy would rise to between $3.8 billion and $4.6 billion over a 20 year period.
"Additionally, Netflix’s substantial direct investment will stimulate job creation and spark an entirely new ecosystem of housing, hotels, and ancillary businesses and services, bringing with it countless additional jobs and boosting the regional economy,” Governor Murphy said.
Will this be New Jersey's first major production studio?
No. Lionsgate already announced plans to construct a $125M production facility in Newark. Construction is set to begin in 2023.