The N.J. Economic Development Authority on Thursday approved an Aspire tax credit of up to $387 million for the planned Netflix Studio in Fort Monmouth.
The studio, which will help redevelop the vacant Fort Monmouth campus, will serve as Netflix’s flagship production location on the East Coast – and the posterchild for Gov. Phil Murphy’s attempts to bring the film and movie industry back to the state in a big way.
“With Netflix leading the way, the creation of new, world-class studios has solidified New Jersey’s standing as a national leader in film and television production,” Murphy said. “The approval made by the NJEDA Board today will help create thousands of good-paying jobs, support small businesses and vendors, and stimulate the regional economy.”
Netflix Studio is considered a transformative project under the Aspire Program and was approved for an award not to exceed $387 million. The studio campus will be over one million square feet and sit on a 292-acre parcel at Fort Monmouth. The state-of-the-art production studio campus will include 12 soundstages, backlot areas, an office building, and other production support facilities. Netflix plans to open the full facility in 2028.
Earlier this year, the EDA Board designated Netflix as a studio partner, allowing the media company to access expanded benefits under the state’s Film and Digital Media Tax Credit program. Under the designation agreement, Netflix commits to occupy a New Jersey film production facility for at least 10 years and is potentially eligible for a 40 percent base tax credit for qualified production expenses on future New Jersey film projects.
EDA CEO Tim Sullivan obviously was thrilled.
“Under Gov. Murphy’s leadership, the film industry is growing in New Jersey, exemplified by Netflix’s commitment to build a major, world-class studio at Fort Monmouth,” he said. “The Aspire Program will ensure the continued development of this transformative project, which will bring good-paying union construction and permanent jobs. The Netflix Studio will prove to be an economic gamechanger for the residents and small businesses of Monmouth County.”
Founded in 1997, Netflix is one of the world’s leading entertainment services, offering subscription video-on-demand and over-the-top streaming services for movies, television shows, and games. In 2013, Netflix established its original content division and has since filmed several productions in New Jersey, such as The Irishman, The Perfect Find, and The Watcher.
Netflix CEO Ted Sarandos obviously was thrilled.
“We are grateful to receive support from Gov. Murphy, the local officials in Oceanport and Eatontown, and the NJEDA to help build Netflix Studios at Fort Monmouth,” he said. “This new studio will catalyze job creation and economic growth, contributing to a vibrant production ecosystem in New Jersey.”
State Sen. Vin Gopal (D-Ocean Township) said Netflix will have great economic impact to the area.
“The film industry is thriving across New Jersey, and Netflix’s commitment to building a first-rate studio in Monmouth County highlights our state’s growing prominence in this field,” he said.
“This project will prove to have a significant impact on our local economy by helping to create jobs, support small businesses, and revitalize communities. I am grateful for the leadership of Gov. Murphy and the NJEDA in fostering this growth and look forward to working with Netflix, as well as our local and state partners to help continue the development of this major studio.”
This is the second production studio approved for Aspire tax credits this year. In June, the EDA Board approved 1888 Studios for tax credits under the Aspire Program. The studio, developed by Togus Urban Renewal, will be the largest and first campus-style film and television studio facility in the Northeast, and will occupy 58 acres of land just minutes from New York City.
