Netflix eyes former New Jersey Army base for new production facility
The New Jersey facility would be the streaming giant's second-largest production studio, following its New Mexico production hub acquired in 2018
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Netflix plans to submit a bid for a 289-acre portion of Fort Monmouth, a former Army base in New Jersey, to develop a new "state-of-the-art production facility."
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| NFLX | NETFLIX INC. | 897.99 | +14.14 | +1.60% |
The property, dubbed the Mega Parcel, is located in the boroughs of Eatontown and Oceanport and has been appraised for $54 million by the Fort Monmouth Economic Revitalization Authority (FMERA).
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The move comes after Gov. Phil Murphy, a Democrat, penned a letter to Hollywood film studios in April, including Disney, Netflix and Warner Bros., in an effort to lure them away from Georgia after the state approved a controversial voting law. The Garden State offers a $14.5 billion incentive package, including tax credits of up to 30% of eligible production costs and a subsidy of up to 40% for brick-and-mortar studio development.
"America's first movie studio was in New Jersey, and today it's home to many talented people working in entertainment," a Netflix spokesperson told FOX Business. "Gov. Murphy and the state’s legislative leaders have created a business environment that's welcomed film and television production back to the state, and we’re excited to submit our bid to transform Fort Monmouth into a state-of-the-art production facility."
Murphy told FOX Business he is "incredibly excited to hear about Netflix's proposed investment in New Jersey."
"While there is an objective process that any and all applications will have to go through, this is yet more evidence that the economic plan my administration has laid out is working and bringing high-quality, good-paying jobs to our state," he said. "New Jersey has become a leader in new, innovative industries from offshore wind to sports betting to film and digital media, and today's announcement by Netflix is another sign that companies around the world are taking notice."
A car enters Fort Monmouth, New Jersey, on May 13, 2005. (Marko Georgiev/Getty Images / Getty Images)
Fort Monmouth gained permanent installation status in 1925 and was named in honor of the soldiers of the American Revolution who died in the battle of Monmouth Court House. The 96-year-old base, which officially closed in 2011, was used to develop the first U.S. aircraft detection radar.
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It's unclear how many other bids for the space have already been submitted. A FMERA spokesperson told FOX Business it is unable to comment on any prospective bidders or respond to questions related to the status of any potential bids.
"This is a unique development opportunity in the state and it remains a competitive process for all those who wish to participate," the spokesperson said. "Until such time as the proposal period closes on Jan. 12, 2022, proposals are reviewed and scored by our evaluation committee, and our board endorses the proposed purchase and sale agreement and redevelopment agreement between FMERA and the selected potential purchaser. We cannot provide any additional insight or feedback with regard to what is being proposed for the Mega Parcel (following the receipt of bids), by any of the prospective bidders."
The space at Fort Monmouth would mark the streaming giant's second-largest production studio, following its New Mexico production hub acquired in 2018. In November 2020, the company said it would commit an additional $1 billion to expand the New Mexico facility.