The streaming giant Netflix is gearing up to create one of the largest production facilities in the world. Netflix is planning to buy the former New Jersey Army base. Wednesday, the Fort Monmouth Economic Revitalization Authority entered into a sales contract with Netflix to purchase Fort Monmouth for $55 million.
The streaming service plans to invest $850 million in building a state-of-the-art production facility. The facility is expected to have 12 sound stages, ancillary production spaces, and back lots to produce most of its content when complete. Netflix estimates it will generate between $7.4 billion and $8.9 billion over the next 20 years for production and construction.
As a direct result, the project is predicted to be an excellent addition to New Jersey. New Jersey estimates an economic boost of about $3.8 billion to $4.6 billion. An estimated 3,500 jobs will also be created during the construction phase, and nearly 2,200 jobs yearly for New Jersey. Governor Phil Murphy says the Netflix production facility will also help to solidify a thriving industry for the state. Gov. Murphy’s letter to Netflix helped the streaming giant choose New Jersey over Georgia for its new home.
While the financial predictions are great, the streaming service is far from breaking ground on the property. According to USA Today, Netflix has a 36-month window before closing on the property. Two previous developers have already walked away from the property. There has yet to be a date for the opening of Netflix’s new facility.
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