Netflix Studio in Fort Monmouth Approved for $387 Million in New Jersey Tax Credits

Netflix is making some big moves in New Jersey, with plans to build a state-of-the-art studio campus at Fort Monmouth. The New Jersey Economic Development Authority has approved up to $387 million in tax credits for this exciting project, which is set to transform the region’s economy in a major way.

The Netflix Studio at Fort Monmouth will be the streaming giant’s flagship production facility on the East Coast, covering a sprawling 292-acre area in Eatontown and Oceanport. It will boast an impressive one million square feet of space, with 12 soundstages, backlot areas, an office building, and various production support facilities. The full facility is expected to open in 2028, bringing a significant boost to local job opportunities and stimulating the regional economy.

The project has received enthusiastic support from Governor Phil Murphy, who praised Netflix for solidifying New Jersey’s position as a national leader in film and television production. The creation of new, world-class studios is expected to create thousands of good-paying jobs, support small businesses and vendors, and contribute to economic growth in the area.

Netflix’s commitment to New Jersey is no small thing. They’ve agreed to occupy a film production facility in the state for at least a decade, making them eligible for a 40% base tax credit on qualified production expenses for future projects. With the potential tax credits not exceeding $387 million, this partnership promises to have a major impact on the local entertainment industry.

In recent years, Netflix has been investing more in original content and has filmed several productions in New Jersey, including hits like “The Irishman,” “The Perfect Find,” and “The Watcher.” This new studio at Fort Monmouth reflects the company’s dedication to expanding its production capabilities and creating a vibrant production ecosystem in New Jersey.

Local officials, like state Sen. Vin Gopal, have also expressed their excitement about the project, highlighting its potential to boost the economy, create jobs, support small businesses, and revitalize communities in Monmouth County. The recent approvals by the Oceanport and Eatontown Planning Boards mark significant progress in bringing this billion-dollar buildout to life.

While critics have raised concerns about the use of tax credits for film production rather than affordable housing, supporters see the Netflix Fort Monmouth project as a regionally transformative endeavor that will bring new life and innovation to the area. With construction underway and plans moving forward, all signs point to a bright future for film and television production in New Jersey.