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The basics:
- FMERA finalized the sale of the 292-acre Fort Monmouth Mega Parcel to Netflix for $55M
- $1B Netflix Studios project will include 12 soundstages and extensive production facilities
- Phase 1A is expected to open in 2027 and Phase 1B in 2028 as demolition and approvals continue
- State and local officials say the project will drive job creation and boost New Jersey’s film industry
The Netflix Studios Fort Monmouth project took another major step forward Dec. 5 as the Fort Monmouth Economic Revitalization Authority announced the official sale of the 292-acre Mega Parcel, which will house a $1 billion state-of-the-art production hub for the streaming giant.
Netflix purchased the land on the former U.S. Army base for $47 million, plus $5 million utility contribution and a $3 million relocation fee – for a total of $55 million.
“FMERA is pleased to announce the official sale of the 292-acre Mega Parcel at Fort Monmouth to Netflix,” FMERA wrote on social media. “The transformation of this historic site into a world-class studio and production facility will bring new jobs and expansive economic opportunities to our community and New Jersey.
Action
Netflix created a dedicate website for the Fort Monmouth project. See more here.
“This milestone would not have been possible without the collaboration and support of a multitude of public agencies and representatives, our private partners, and our Board, and dedicated team. While the groundwork for the Fort’s revitalization and success has been paved by many successful developments over the last 10 years, we look forward to the next chapter of Fort Monmouth.”
The project will span the 292-acre site in Oceanport and Eatontown. The hub includes
- 12 cutting-edge soundstages totaling nearly 500,000 square feet
- office space
- production services buildings
- mill space
- studio backlots
- basecamps and more
A groundbreaking took place in May, and demolition is underway. The project will be completed in phases. Netflix presented renderings to the Eatontown Planning Board in September, which approved Phase 1B. Oceanport approved Phase 1A late last year.
Next act
Netflix plans to open Phase 1A in 2027 and Phase 1B in 2028. The company continues the approval (local, county and state) and demolition process toward those goals.
“Netflix has closed on the purchase of the former Fort Monmouth U.S. Army installation,” said Anne Kelly, Netflix’s vice president of studio management & services. “This milestone would not have been possible without the steadfast support of Gov. Murphy and his administration; the Fort Monmouth Economic Revitalization Authority, including Kara Kopach; the New Jersey Legislature, particularly Sens. Gopal and O’Scanlon; Director Arnone and the Monmouth County Board of Commissioners; the vision of Eatontown Mayor Anthony Talerico and Oceanport Mayor Thomas J. Tvrdik; as well as many others.
“With this acquisition, we are excited to move forward with Netflix Studios Fort Monmouth – a state-of-the-art production facility that will bring new jobs and economic opportunities to New Jersey. While there is still work ahead before we open our doors, we look forward to continuing our close partnership with this remarkable community as we transform this historic site into a world-class studio and vibrant community hub.”
The $1 billion Netflix Studios Fort Monmouth project will include 12 cutting-edge soundstages totaling nearly 500,000 square feet, office space, production services buildings and more. See more renderings here. – PROVIDED BY NETFLIX
Big-ticket day
The land purchase closing came on the same day as Netflix announced a deal to acquire Warner Bros. Discovery for $82.7 billion.
It also marks the latest example of continued momentum for the state’s film and television production industry, which has been a key area of focus for the Murphy administration over the last eight years.
“Gov. Murphy’s vision to bring the film industry to New Jersey and his mission to drive new investments into Monmouth County has led to this next step in Fort Monmouth’s continued revitalization,” NJEDA Chief Executive Officer Tim Sullivan told NJBIZ. “This land purchase brings us closer to Netflix opening the doors on its $1 billion world-class production studio, which will be an economic gamechanger for the residents and small businesses of the Jersey Shore.
“The transformation of the vacant and underutilized land will help create thousands of good-paying jobs and unlock new economic opportunities.”
Gov. Phil Murphy joined other elected officials and company executives at the May 13, groundbreaking ceremony for Netflix’s new $1 billion production hub at the former Fort Monmouth. “As the birthplace of the motion picture industry, New Jersey couldn’t be more thrilled to welcome Netflix,” Murphy said. From left: Sen. Vin Gopal, D-11th District; Anne Kelly, vice president, production facilities management and operations, Netflix; Sen. Declan O’Scanlon, R-13th District; Gov. Phil Murphy; Monmouth County Commissioner Director Thomas Arnone; Ted Sarandos, co-CEO, Netflix; and Assembly Speaker Craig Coughlin, D-19th District. – PROVIDED BY NETFLIX
