Netflix has unveiled plans to turn the former military base Fort Monmouth in New Jersey into one of the largest fully-integrated production facilities in the world.
The streamer has received approval on the $55 million purchase of the 293-acre lot and is expected to invest around $850 million into turning it into a U.S. East Coast production hub which will include the building of twelve sound stages, ancillary production support and a backlot.
The company plans to shoot features, series and other scripted projects at the studios, which offers a large crew base, proximity to New York, and taking advantage of a tax credit program for film and television production.
Spielberg’s “West Side Story,” Zack Snyder’s “Army of the Dead” and CBS’ “The Equalizer” series have been filmed in New Jersey in recent years. The new base would add to Netflix’s existing studios in Brooklyn and other North American studios in Toronto, Atlanta, California, British Columbia and New Mexico.
Despite Netflix’s assorted cost-cutting measures over the summer, including laying off employees, the company still planned to spend $17 billion on content in 2022 with Netflix co-CEO Ted Sarandos saying in April they will “continue to grow the content spend relative to prior years.”
What projects will be filmed at the studios are still to be determined as the facility isn’t expected to be fully completed until 2027. Once fully operational, the facility is expected to generate between $7.4-8.9 billion in output over the next twenty years.
Source: THR
