Rendering of Netflix’s East Coast production facility on the former Fort Monmouth campus.
Economic Development
On Dec 19, 2024
The New Jersey Economic Development Authority (NJEDA) has approved up to $387 million in Aspire tax credits for the Netflix Studio at Fort Monmouth. The studio will serve as Netflix’s flagship production location on the East Coast, which will redevelop the vacant Fort Monmouth campus and bring new jobs to the area.
“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 Gov. Phil 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.”
Netflix Studio is considered a transformative project under the Aspire Program and was approved for an award not to exceed $387 million. The studio campus will be over one million square feet and sit on a 292-acre parcel at Fort Monmouth. The state-of-the-art production studio campus will include 12 soundstages, backlot areas, an office building, and other production support facilities. Netflix plans to open the full facility in 2028.
“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,” said NJEDA Chief Executive Officer Tim Sullivan. “The Aspire Program will ensure the continued development of this transformative project, which will bring good-paying union construction and permanent jobs. The Netflix Studio will prove to be an economic gamechanger for the residents and small businesses of Monmouth County.”
Earlier this year, the NJEDA Board designated Netflix as a Studio Partner, allowing the media company to access expanded benefits under the state’s Film and Digital Media Tax Credit program. Under the designation agreement, Netflix commits to occupy a New Jersey film production facility for at least 10 years and is potentially eligible for a 40% base tax credit for qualified production expenses on future New Jersey film projects.
“We are grateful to receive support from Gov. Murphy, the local officials in Oceanport and Eatontown, and the NJEDA to help build Netflix Studios at Fort Monmouth,” said Ted Sarandos, co-CEO of Netflix. “This new studio will catalyze job creation and economic growth, contributing to a vibrant production ecosystem in New Jersey.”
“The film industry is thriving across New Jersey, and Netflix’s commitment to building a first-rate studio in Monmouth County highlights our state’s growing prominence in this field,” said Senator Vin Gopal. “This project will prove to have a significant 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 Netflix, as well as our local and state partners to help continue the development of this major studio.”
“I’m excited to see the amazing progress of the Netflix Fort Monmouth project over the last few weeks,” said Senator Declan O’Scanlon. “The Oceanport & Eatontown Planning Board approvals, followed by today’s award of Aspire tax credits, clears the path for this regionally transformative project to move forward. Local land use and State tax policy, impact business decisions and I’m thrilled to see all pulling in the same direction.”
This is the second production studio approved for Aspire tax credits this year. In June, the NJEDA Board approved 1888 Studios for tax credits under the Aspire Program. The studio, developed by Togus Urban Renewal, will be the largest and first campus-style film and television studio facility in the Northeast, and will occupy 58 acres of land just minutes from New York City.
Aspire is a place-based economic development program created under the New Jersey Economic Recovery Act of 2020 (ERA) to support mixed-use, transit-oriented development with tax credits to commercial and residential real estate development projects that have financing gaps. As a performance-based program, projects must certify that all commitments established at time of approval have been met before receiving their first disbursement of tax credits.
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