Netflix will pay $55 million for a large plot of land in New Jersey and then invest $850 to build a state-of-the-art production studio, according to the streamer’s deal.
The Fort Monmouth Economic Revitalization Authority is expected to approve the project at a meeting tonight.
Netflix Studios Fort Monmouth’s 289-acre site, a former military base, would be one of the largest fully integrated production facilities in the world and sits just behind Netflix’s largest US production center in Albuquerque, New Mexico, which covers a total of 300 acres. .
New Jersey Gov. Phil Murphy has a veto, but police have done everything they can to bring production to the Garden State with tax credits and other incentives.
About three to six months of provincial and federal due diligence would follow before site work could begin on the new studio, complete with 12 sound stages, backs and production support.
The project comes at a time when major entertainment companies are under pressure to limit content spending. However, studio space remains a hot commodity as demand for modern venues outstrips supply, especially in the New York metropolitan and tristate areas.
Netflix opened a studio in Bushwick, Brooklyn, last year. It has leased venues in Atlanta, Toronto, Vancouver and throughout California, as well as internationally in London, Tokyo, Seoul and Madrid. “We do not expect a reduction in filming around the world,” Rajiv Dalal, Netflix’s director of content and studio affairs, told Deadline. “Given our content, we still have enough titles to shoot in all these places.”
Fort Monmouth’s appeal was a combination of size and location. The streamer named New Jersey’s best crews and talent and said he’s had great experiences filming in the state, including shows Army of the Dead. The area is versatile with its proximity to major urban areas as well as beaches, farmland and scenic surroundings.
Lionsgate will be the lead tenant of a new $125 million film and television production studio in Newark from Great Point Studios and the New Jersey Performing Arts Center announced earlier this year. Construction of a major production facility in Bayonne – 1888 Studios – is expected to begin in the first quarter of 2023. A second movie studio in Kearney will open this year. “We hope a critical mass has been built,” Dalal said.
As with most of these locally approved projects, employment opportunities and human resource development play a key role. Netflix estimates the studio will create 3,500 jobs during the peak phase of construction and conservatively between 1,400 and 2,200 jobs when fully operational. The streamer estimates production at $7.4 billion to $8.9 billion over the next 20 years for manufacturing and construction. The value added to the New Jersey economy as a direct result of construction and manufacturing activities during this period is $3.8 billion to $4.6 billion. Staff development programs are part of the offer.
“We look forward to working with FMERA and the Office of the Governor to make this all a reality,” the streamer said.
A handful of other groups, mostly real estate developers, also considered bids.
Author: Jill Goldsmith
Source: Deadline
Joseph Fearn is an entertainment and television aficionado who writes for The Fashion Vibes. With a keen eye for what’s hot in the world of TV, Joseph keeps his readers informed about the latest trends and must-see shows.
