| Photo by Samuel Ramos on Unsplash
TRENTON, NJ — The New Jersey Economic Development Authority (NJEDA) recently granted Aspire tax credits to Netflix Studio at Fort Monmouth, which will serve as Netflix’s flagship production location on the East Coast.
According to NJEDA, the studio will redevelop the vacant Fort Monmouth campus and bring new, well-paying jobs to the area. The 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 entire facility in 2028.
“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 Governor 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.”
Tim Sullivan, NJEDA’s Chief Executive Officer, said the film industry is growing, as exemplified by Netflix’s commitment to building a major, world-class studio at Fort Monmouth.
“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. It is potentially eligible for a 40 percent base tax credit for qualified production expenses on future New Jersey film projects.
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, occupying 58 acres of land just minutes from New York City.
“We are grateful to receive support from Governor 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.”
Founded in 1997, Netflix is one of the world’s leading entertainment services, offering subscription video-on-demand and over-the-top streaming services for movies, television shows, and games. In 2013, Netflix established its original content division and has since filmed several productions in New Jersey, such as The Irishman, The Perfect Find, and The Watcher.
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 for commercial and residential real estate development projects with financing gaps. As a performance-based program, projects must certify that all commitments established at the time of approval have been met before receiving their first disbursement of tax credits. Netflix Studios is the third transformative project approved under the new Aspire rules, which the NJEDA adopted in November 2023.
–With Jay Domingo/PDM
