Plans for the new Netflix studio campus at Fort Monmouth call for soundstages ranging in size from 15,000 to 40,000 square feet, with a total buildout ranging from 180,000 to 480,000 square feet, along with improvements and uses associated with principal film use. — Renderings courtesy: Netflix
By Joshua Burd
Netflix has taken a major step in its plan to build a 1.1 million-square-foot studio campus at Fort Monmouth, having secured a $387 million tax credit award under New Jersey’s Aspire program.
The state Economic Development Authority on Thursday approved the 10-year gap financing subsidy for the estimated $1.2 billion project, which would bring 953,000 square feet of new construction to Eatontown and Oceanport for the company’s flagship production hub on the East Coast. That would include 12 soundstages and four mill buildings that will be used as workshops for the creation of production sets, production support spaces, production office buildings and storage areas, plus a vendor village, a visitor center, solar array opportunity, ancillary surface parking, vendor support warehouses and other associated facilities customary to film production.
Plans also call for rehabilitating or adaptively reusing some 182,000 square feet of existing buildings, helping to revitalize more than a quarter of the 1,126-acre former U.S. Army base.
“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,” said Gov. Phil Murphy, a longtime supporter of the project. “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 has told the EDA that it expects to begin construction in April 2026, while the project will take roughly three years to build, according to an authority board memo. The company, which is under contract to buy the 292-acre project site from the Fort Monmouth Economic Revitalization Authority, has assembled a team that includes full-service design firm Mancini Duffy, plus a group of consultants comprising Trammell Crow Co., Rock Brook and project management specialists Turner & Townsend and CBRE.
Thursday’s vote follows two key local approvals in recent weeks by the Oceanport and Eatontown planning boards that are tied to the development’s first phase, which would comprise four of the 12 soundstages.
“We are grateful to receive support from Governor Murphy, the local officials in Oceanport and Eatontown, and the NJEDA to help build Netflix Studios at Fort Monmouth,” said Ted Sarandos, co-CEO of Netflix. “This new studio will catalyze job creation and economic growth, contributing to a vibrant production ecosystem in New Jersey.”
Tim Sullivan, the authority’s CEO, added: “Under Governor 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. 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.”
Murphy, who is widely credited with luring Netflix to the state, has championed the plan for more than two years as part of a broader effort to build up the state’s film and television sector, having visited Fort Monmouth last fall alongside company Sarandos after FMERA’s approval to amend its master redevelopment plan.
“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,” state Sen. Vin Gopal 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 Governor 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.”
Netflix Studio Fort Monmouth is considered a transformative project under the law that created Aspire, making it eligible for larger subsidies. The nearly $387.1 million tax credit allocation equates to 50 percent of the total project cost.
Officials have noted with past approvals that Aspire, which was created by the New Jersey Economic Recovery Act of 2020, is a place-based economic development program to support mixed-use, transit-oriented development with tax credits to commercial and residential projects that have financing gaps. As a performance-based program, projects must certify that all commitments established at time of approval have been met before receiving their first disbursement of tax credits.
Gopal was among local elected officials who praised Thursday’s EDA vote. They also included:
Sen. Declan O’Scanlon: “I’m excited to see the amazing progress of the Netflix Fort Monmouth project over the last few weeks. The Oceanport and Eatontown planning board approvals, followed by today’s award of Aspire tax credits, clears the path for this regionally transformative project to move forward. Local land use and state tax policy, impact business decisions and I’m thrilled to see all pulling in the same direction.”
Oceanport Mayor Thomas Tvrdik: “For several generations, Oceanport’s identity was tied to Fort Monmouth and Monmouth Park Racetrack. Monmouth Park came close to closing in 2012 and Fort Monmouth actually closed in 2010. Thanks to the hard work, meticulous planning and visionary land use projections of the NJEDA and FMERA, Oceanport’s identity for generations to come will be tied to Monmouth Park Racetrack and Netflix. That Oceanport, Eatontown and Monmouth County will serve as the East Coast hub of the world’s pre-eminent and most recognized creator of entertainment when this billion-dollar build-out is completed is nothing short of remarkable. Oceanport is very excited to welcome Netflix into our community, and we stand ready, willing, and able to ensure that the final part of Fort Monmouth’s transformation from a closed off military facility to a mixed use site that is part and parcel of the Oceanport community is a quick and successful one.”
Eatontown Mayor Anthony Talerico Jr.: “The Borough of Eatontown is excited to enter the next phase of the Netflix project. We are grateful for the opportunity to work collaboratively with Mayor Tvrdik in Oceanport and the FMERA team led by Kara Kopach. While nothing can replace the emotional and sentimental loss from the closure of Fort Monmouth, we are happy that vibrant new life will be brought to the area in such a large and innovative project.”
