Home Production studio Netflix bids to create production studio at former New Jersey Army base

Netflix bids to create production studio at former New Jersey Army base

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Netflix has officially bid for a 289-acre portion of Fort Monmouth, a former military base located in New Jersey.

FORT MONMOUTH, NJ – MAY 13: A car drives inside premises May 13, 2005 in Fort Monmouth, Eatontown, New Jersey. (Photo by Marko Georgiev/Getty Images) (Marko Georgiev/Getty Images/Getty Images)

The property, dubbed the Mega Parcel, is located in the boroughs of Eatontown and Oceanport and has been valued at $54 million by the Fort Monmouth Economic Revitalization Authority (FMERA). Proposals had to be submitted no later than Monday at 12:00 p.m.

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In addition to Netflix, three other companies submitted offers: Extell Acquisitions LLC, Mega Parcel Development LLC and RDR Partners LLC. FMERA and Netflix declined to provide additional information about the offer.

FMERA will now begin its review of submitted proposals, which will be based on criteria including estimated job creation of each proposed project, capital investment and positive economic impact for both the municipality and the state.

“The FMERA will not make any representations regarding the highest rated proposal until staff are ready to recommend approval of a Purchase and Sale Agreement and a Redevelopment Agreement to the Board of Directors of FMERA,” the organization added. “Please note that this process may take several months.”

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The streaming giant first announced plans to bid for the Mega Parcel in October. The announcement came after New Jersey Governor Phil Murphy wrote a letter to Hollywood film studios in Aprilincluding Netflix, disney and Warner Bros., in an effort to lure them away from Georgia after the state approved a controversial election law.

“America’s first motion picture studio was in New Jersey, and today it’s home to many talented people working in entertainment,” Netflix told FOX Business at the time. “Governor Murphy and state legislative leaders have created a business environment that has welcomed film and television production to the state, and we are excited to submit our bid to transform Fort Monmouth into a state-of-the-art production facility. of technology.”

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In January, Murphy signed legislation increase the state tax credit for the production of digital media content to 35% of eligible expenses purchased through suppliers in Atlantic, Burlington, Camden, Cape May, Cumberland counties , Gloucester, Mercer, or Salem, or 30% of all other qualifying expenses purchased in the state.

In addition, the bill increases the cumulative annual limit for tax credits for the production of digital media content from $10 million to $30 million. Beginning in fiscal year 2025, the bill also authorizes an additional $100 million in tax credits for New Jersey movie rental partners from tax credits authorized under other tax credit programs. ‘incentive.

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If Netflix wins the bid, the New Jersey facility would be the company’s second-largest production studio, following its New Mexico production center acquired in 2018.

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In addition to Netflix’s interest in the Garden State, Lions Gate Entertainment recently announced plans to build a $125 million production studio in Newark, New Jersey. The Lionsgate facility is expected to begin operations in late 2024, create more than 600 new long-term jobs for Newark residents, and generate more than $800 million in annual economic impact for the city and state.