Streaming giant Netflix is making headlines again with its ambitious plans to develop a $1.21 billion flagship studio complex at Fort Monmouth, New Jersey. The nearly 300-acre site, a former military base located in Monmouth County, has been awarded up to $387 million in tax credits under New Jersey’s Aspire Program, further solidifying the Garden State’s standing as a burgeoning hub for film and television production.

A Landmark Project

The Netflix Studios project will span over 1 million square feet, including 12 state-of-the-art soundstages, expansive backlots, production support offices, and a variety of other facilities designed to cater to the demands of modern filmmaking. According to Netflix co-CEO Ted Sarandos, the project is expected to create thousands of union construction and permanent jobs, boost small businesses, and serve as a catalyst for economic growth in the region.

“This new studio will catalyze job creation and economic growth, contributing to a vibrant production ecosystem in New Jersey,” said Sarandos.

Netflix Leads the Charge in NJ’s Film Industry Expansion

The Fort Monmouth studio marks a significant milestone in New Jersey’s efforts to attract Hollywood to the East Coast. Governor Phil Murphy has prioritized the entertainment industry as a key component of his economic strategy, with initiatives like the Film and Digital Media Tax Credit program drawing major players such as Netflix and Lionsgate to the state.

“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 Murphy. “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.”

Tax Credits Driving Growth

The Aspire Program, established under the New Jersey Economic Recovery Act of 2020, supports transit-oriented and mixed-use developments by providing tax credits to projects with financing gaps. As part of this initiative, Netflix’s Fort Monmouth facility and 1888 Studios in Bayonne, which received $400 million in tax credits earlier this year, represent transformative projects that will shape the future of the state’s entertainment industry.

Both Netflix and 1888 Studios have been designated as studio partners under the state’s Film and Digital Media Tax Credit program. This designation commits them to occupying New Jersey-based film production facilities for at least 10 years, potentially qualifying them for up to a 40% tax credit on production expenses for future projects in the state.

A Regional Renaissance

Fort Monmouth, once a hub of military innovation, is poised to become a cornerstone of the East Coast’s creative economy. The site’s transformation will include demolishing older structures to make way for modern production facilities, as well as new roadways, landscaping, and stormwater management systems. The Oceanport and Eatontown planning boards have already granted initial approvals for the project, signaling strong local support.

According to Tim Sullivan, CEO of the New Jersey Economic Development Authority, “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.”

Broader Impacts on New Jersey’s Film Industry

The Fort Monmouth project isn’t the only significant development underway. New Jersey is rapidly building a reputation as a competitive alternative to traditional production hubs like California and Georgia. Lionsgate’s $125 million studio in Newark and 1888 Studios in Bayonne represent additional investments driving the state’s emergence as a powerhouse in film and television production.

What It Means for the Industry

For Hollywood insiders and global production professionals, Netflix’s move is indicative of broader industry trends. The rise of streaming has increased demand for studio space, and states like New Jersey are capitalizing on this with competitive tax incentives and infrastructure investment. The Fort Monmouth project, with its expansive facilities and strategic location near New York City, positions New Jersey as a premier destination for high-end production on the East Coast.

Timeline and Next Steps

The Netflix studio campus is expected to open in phases, with full completion targeted for 2028. In the meantime, local businesses, unions, and vendors stand to benefit from the project’s construction and eventual operation, while the state continues to build momentum as a national leader in film and television production.