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HomenewsThe $850 Million Netflix Studio in New Jersey Has Been Approved.

The $850 Million Netflix Studio in New Jersey Has Been Approved.

1010 WINS News Team Reports From Fort Monmouth, New Jersey On Wednesday, Fort Monmouth officials gave Netflix the green light to move forward with plans to construct an $850 million production center there.

In addition to the initial $550 million, the streaming service will pay an additional $55 million for a 293-acre parcel of land on the old military site.

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Netflix’s original content will be created in this complex, which will feature 12 sound stages, production support, and a backlot.

Over the following two decades, the project is expected to generate between $7.4 billion and $8.9 billion and create 1,400 to 2,200 new employment in the area.

There is also the matter of getting clearance from Governor Phil Murphy, although that appears plausible given his positive comments on the proposal.
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The governor said on Wednesday that the facility will be important in starting a successful industry from scratch.

New Jersey is actively working to grow its film industry, and this project is the most recent move in that direction.

In 2018, the state started offering a tax credit for TV and film production, and in 2021, they’ll make it bigger.

Near 2024, Lionsgate hopes to construct a similar facility in Newark.
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Additionally, Netflix’s new investment in the Tri-State Area as its East Coast base is reflected in the opening of this facility.

In 2021, the firm established a new office in Brooklyn.


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