Page 14 - RE-NJ #80 Nov.2023

12 WINTER 2023
PLAN FOR NETFLIX STUDIO CAMPUS AT FORT MONMOUTH MOVES AHEAD
known as the Mega Parcel, which the streaming giant is under contract to buy for its plan to build nearly 500,000 square feet of soundstages and other facilities, with an overall investment of more than $900 million.
Gov. Phil Murphy subsequently signed the minutes for FMERA’s recent meeting, doing so at a ceremony at Fort Monmouth that drew Netflix co-CEO Ted Sarandos.
As the authority noted, the proposal would mark the 20th amendment
to Fort Monmouth’s reuse and redevelopment plan, which was adopted in 2008. Its staff must review and respond to all input during the 45-day comment period before moving the proposed plan amendment forward for final adoption by the board.
State officials and Netflix announced last year that the company would acquire the site for $55 million and invest $850 million to build 12 sound stages and other facilities. Approval of the amendment would allow the company to move into a 36-month approval period involving extensive reviews by a host of local, county and state agencies and authorities, which FMERA expects to begin in
the first quarter of next year.
An updated reuse and redevelopment plan would also have to consider
the studio campus’ impact on the residential uses in the Eatontown and Oceanport sections of the property, FMERA said, including new affordable housing that is required by the New Jersey Fair Housing Act.
“FMERA looks forward to creating affordable housing opportunities in the host municipalities at alternative locations than those previously identified under the Reuse Plan,”
the authority said. “An additional Plan Amendment may be required once developers are identified
for affordable housing projects in Eatontown and Oceanport.”
Netflix is among the many high- profile businesses and developers that Fort Monmouth has attracted
in recent years, following the Pentagon’s closure of the historic base in 2011. The Fort had 5 million square feet of building area, 70 percent of which is targeted for demolition, while FMERA added that 86 percent of its 1,126 acres are sold, under contract, in negotiations or entering the request for proposals process.
The state has taken a key procedural step in the plan to bring a massive Netflix studio campus to the Eatontown and Oceanport sections of the iconic Fort Monmouth property.
The approval, which was announced Oct. 30 by the Fort Monmouth
Economic Revitalization Authority, is tied to a proposed amendment
to the master redevelopment plan for the 1,126-acre former U.S. Army base. The proposal is now subject
to a 45-day public comment period and, if adopted, will permit an alternative development scenario for the roughly 328-acre section long
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.
Rendering courtesy: Netflix
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