Page 8 - RE-NJ

6 JANUARY 2025
THE
BRIEFING
NETFLIX LANDS $387 MILLION ASPIRE
AWARD FOR FT. MONMOUTH STUDIO
Netfl ix 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 in December approved the
10-year gap fi nancing 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
fl agship production hub on the
East Coast. That would include 12
soundstages and four mill buildings
that will be used as workshops to
create production sets, production
support spaces, production offi ce
buildings and storage areas, plus a
vendor village, a visitor center, solar
array opportunity, ancillary surface
parking, vendor support warehouses
and other facilities associated with
fi lm production.
Plans also call for rehabilitating or
adaptively reusing some 182,000
square feet of existing buildings,
part of a project that will revitalize
more than a quarter of the 1,126-
acre former U.S. Army base.
“With Netfl ix leading the way, the
creation of new, world-class studios
has solidifi ed New Jersey’s standing
as a national leader in fi lm 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
Phil Murphy
good-paying
jobs, support small businesses and
vendors and stimulate the regional
economy.”
Netfl ix 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
fi rm Mancini Duffy, plus a group of
consultants comprising Trammell
Crow Co., Rock Brook and project
management specialists Turner &
Townsend and CBRE.
The Dec. 19 vote follows two key
local approvals in the prior weeks
by the Oceanport and Eatontown
planning boards that are tied to the
development’s fi rst phase, which
would comprise four of the 12
soundstages.
“We are grateful to receive support
from Governor Murphy, the local
offi cials in Oceanport and Eatontown
and the
NJEDA to help
build Netfl ix
Studios at Fort
Monmouth,”
said Ted
Sarandos,
co-CEO of
Netfl ix. “This
Ted Sarandos
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 fi lm industry is
growing in New Jersey, exemplifi ed
by Netfl ix’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 Netfl ix Studio will prove to be
an economic gamechanger for the
residents and small businesses of
Monmouth County.”
Murphy, who is widely credited
with luring Netfl ix to the state,
has championed the plan for more
than two years as part of a broader
effort to build up the state’s fi lm
and television sector, having visited
Fort Monmouth last fall alongside
Sarandos after FMERA’s approval
to amend its master redevelopment
plan.
“The fi lm industry is thriving
across New Jersey, and Netfl ix’s
commitment to building a fi rst-
rate studio in Monmouth County
highlights our state’s growing
prominence in this fi eld,” state
Sen. Vin Gopal said. “This project
will prove to have a signifi cant
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
Netfl ix, as well as our local and
state partners to help continue the
development of this major studio.”
Netfl ix 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.
Offi cials 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
fi nancing gaps. As a performance-
based program, projects must
certify that all commitments
established at time of approval have
been met before receiving their fi rst
disbursement of tax credits.
Rendering courtesy: Netfl ix
Plans for the new Netfl ix 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 fi lm use.