Netflix at Fort Monmouth Approved for $387 Million in Aspire Tax Credits
Netflix’s plan to establish a major production facility at Fort Monmouth is making big waves. The New Jersey Economic Development Authority recently gave the green light for $387 million in Aspire tax credits for Netflix’s studio campus project. The company, known for its streaming content, is set to invest over $900 million to build a state-of-the-art production hub on a 292-acre plot at Fort Monmouth.
The new facility, scheduled to open in 2028, will be an impressive setup with more than 1 million square feet of space, including 12 soundstages, backlot areas, and office buildings to support various production needs. The project has also received approvals from local planning boards in Oceanport and Eatontown, marking significant progress towards its completion.
As Netflix works towards establishing a long-term presence in New Jersey, they have been designated as a Studio Partner by the NJEDA board, offering them access to additional benefits under the state’s Film and Digital Media Tax Credit program. This partnership requires Netflix to maintain a film production facility in the state for a minimum of 10 years.
Under the new Aspire rules, adopted by NJEDA in 2023, Netflix’s project stands as the third transformative initiative to receive support. This program provides crucial financial incentives to commercial and real estate projects that contribute to the state’s economic development goals.
The approval from NJEDA and the supportive stance of local officials demonstrate a shared enthusiasm for the growth opportunities that the Netflix project brings to the region. By creating thousands of jobs, supporting small businesses, and stimulating the local economy, this development is seen as a significant boost to the film industry in New Jersey.
Oceanport Mayor Thomas Tvrdik expressed excitement about the project, highlighting its potential to revitalize the area and bring new life to the former military base. Similarly, Eatontown Mayor Anthony Talerico Jr. emphasized the collaborative efforts between neighboring communities to welcome Netflix and ensure the success of this innovative venture.
Ted Sarandos, co-CEO of Netflix, echoed these sentiments by acknowledging the support from state and local authorities, underscoring the studio’s role in job creation and economic growth within the region. As the project gains momentum, it is poised to transform Fort Monmouth into a vibrant hub for film and television production, solidifying New Jersey’s position as a national leader in the industry.
