NJBIZ STAFF//November 6, 2023//

In late December 2022, Netflix announced plans to commit $848 million to develop a state-of-the art East Coast production facility, transforming a 292-acre parcel into 12 soundstages totaling nearly 500,000 square feet of new development, with the remainder of the property slated for supporting uses and community amenities. Altogether, the entertainment giant estimates the site will produce more than 1,500 permanent production jobs and more than 3,500 construction-related jobs in New Jersey. Netflix is now in the process of finalizing its concept plans and is expected to submit a formal proposal soon.
As per the Purchase and Sale and Redevelopment agreement with FMERA, Netflix will pay $47 million for the land, along with an additional $5 million and $3 million toward the relocation of the authority’s office. Once construction begins, work will be completed in two phases over the next several years.
In commenting on Netflix’s plans, Kopach said, “A project of this scale has the potential not only to create thousands of jobs, but will also result in significant investment on the Fort, and spur local development in support of the project. The magnitude of Netflix’s investment is an absolute windfall for our stakeholders and the State of New Jersey. We’re eager to see this project come to fruition.”