The project is due to be completed in two phases over the course of several years.
Streaming giant Netflix recently revealed its plans for one of the most extensive fully-integrated and state-of-the-art production facilities in Fort Monmouth, New Jersey. According to New York Post, Netflix is spending more than $900 million to transform a vacant Army base in New Jersey into its East Coast production hub.
The subscription video streaming company will pay $55 million for a 292-acre site on the former Fort Monmouth military base in Eatontown and Oceanport. The company plans an additional $848 million worth of investments in 12 sound stages and for other uses related to the film industry.
"We believe a Netflix studio can boost the local and state economy with thousands of new jobs and billions in economic output while sparking a vibrant production ecosystem in New Jersey," Ted Sarandos, Netflix co-CEO and chief content officer told NY Post.
The production hub is expected to create more than 1,500 permanent production jobs in the area, as well as 3,500 construction jobs. Additionally, the project will create new housing, hotel and film-related businesses in the area, which has suffered economically since the Army closed the base in 2011.
"This transformative investment will serve as a cornerstone in our efforts to create a thriving industry from whole cloth. As a result of nearly a billion dollars in film production spending, New Jersey will further solidify its status as an emerging national leader in the television and film industries," New Jersey Gov. Phil Murphy said.
The project is due to be completed in two phases over the course of several years. The first phase will include the construction of a dozen sound stages, each ranging in size from 15,000 to 40,000 square feet (around 1,400 to 3,700 square meters). Additional work may include office space, production services buildings and related studio space with the potential for consumer-focused components including retail uses.