The New Jersey Economic Development Authority (NJEDA) Board has approved Aspire tax credits for the Netflix Studio at Fort Monmouth. This new studio will serve as Netflix's flagship production location on the East Coast, aiming to revitalize the vacant Fort Monmouth campus and create numerous jobs in the area.
Governor Phil Murphy expressed support for the initiative, stating, "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." He emphasized that this approval would generate thousands of well-paying jobs and stimulate the regional economy.
The project is recognized as transformative under the Aspire Program and has been granted an award not exceeding $387 million. The studio will cover over one million square feet on a 292-acre site at Fort Monmouth. It will feature 12 soundstages, backlot areas, an office building, and other production facilities. Netflix plans to complete the facility by 2028.
Tim Sullivan, NJEDA Chief Executive Officer, highlighted the project's significance: "Under Governor Murphy’s leadership, the film industry is growing in New Jersey, exemplified by Netflix’s commitment to build a major, world-class studio at Fort Monmouth."
Netflix was earlier designated as a Studio Partner by the NJEDA Board, allowing access to expanded benefits under New Jersey's Film and Digital Media Tax Credit program. This agreement requires Netflix to occupy a state film production facility for at least ten years with potential eligibility for a 40 percent base tax credit on qualified expenses.
Ted Sarandos, co-CEO of Netflix, expressed gratitude for local support: "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."
Senator Vin Gopal acknowledged New Jersey's growing prominence in film production: "The film industry is thriving across New Jersey...This project will prove to have a significant impact on our local economy by helping to create jobs."
Senator Declan O’Scanlon noted recent progress: "I’m excited to see the amazing progress of the Netflix Fort Monmouth project over the last few weeks."
Oceanport Mayor Thomas Tvrdik commented on Oceanport's evolving identity: "For several generations...Oceanport’s identity for generations to come will be tied to Monmouth Park Racetrack and Netflix."
Eatontown Mayor Anthony Talerico Jr. shared his enthusiasm: "The Borough of Eatontown is excited to enter the next phase of the Netflix project."
This marks the second studio approved for Aspire tax credits this year following 1888 Studios' approval in June. The Aspire program supports mixed-use development projects with financing gaps through tax credits. Projects must meet commitments before receiving tax credits.
