Netflix plans $900M facility at former New Jersey army base

Netflix plans to build a state-of-the-art production facility at a former Army base at the Jersey Shore that will cost more than $900 million, and create thousands of jobs, according to the Associated Press, Report informs referring to Bloomberg.

The subscription video streaming company will pay $55 million for a 292-acre site on the former Fort Monmouth military base in Eatontown and Oceanport.

The California-based company plans an additional $848 million worth of investments in 12 sound stages and for other uses related to the film industry.

“We’re thrilled to continue and expand our significant investment in New Jersey and North America,” said Ted Sarandos, the company's co-CEO and chief content officer. “We believe a Netflix studio can boost the local and state economy with thousands of new jobs and billions in economic output, while sparking a vibrant production ecosystem in New Jersey.”

“This transformative investment will serve as a cornerstone in our efforts to create a thriving industry from whole cloth,” said New Jersey Gov. Phil Murphy, a Democrat. “As a result of nearly a billion dollars in film production spending, New Jersey will further solidify its status as an emerging national leader in the television and film industries."

He also said the project will create new housing, hotel and film-related businesses in the area, which has suffered economically since the Army closed the base in 2011.

The project is due to be completed in two phases over the course of several years.