Netflix bids to open Monmouth County movie studio

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OCEANPORT, NJ – Netflix is ​​indeed moving forward with plans to open a film production studio in Monmouth County.

On Monday, Netflix made an offer to buy 298 acres of the former Fort Monmouth property in Oceanport. In the first quarter of 2022, Netflix lost 200,000 subscribers and its share price plummeted, leading some to speculate that Netflix would not go ahead with the opening of a new movie studio in the New Jersey.

However, on Monday they placed their bid.

The Fort Monmouth Economic Revitalization Authority (FMERA) announced the news here. A total of four developers made offers on Monday to buy land in Fort Monmouth.

The four companies that have made offers to buy the land are: Extell Acquisitions LLC, Mega Parcel Development LLC, Netflix, Inc. and RDR Partners, LLC (Russo Development, LLC; Dinallo Development, LLC; River Development Equities, LLC.

The FMERA must now choose one of the four.

“Please note that this process may take several months,” the authority said.

Neither Netflix nor FMERA would say how much Netflix offered to buy the land. Tender documents are not public until the contract is executed and signed by both parties.

News first broke last summer that Netflix wanted to turn a 298-acre space in Fort Monmouth into a new TV/film production studio. Then in October, Netflix publicly confirmed that it was indeed interested. This would be Netflix’s first movie studio in New Jersey, but they just opened a studio in Bushwick, Brooklyn:

“America’s first motion picture studio was in New Jersey, and today it’s home to many talented people working in entertainment,” Netflix said in a statement last fall. “Governor Murphy and state legislative leaders have created a business environment that has welcomed film and television production to the state, and we are excited to submit our bid to transform Fort Monmouth into a state-of-the-art production facility. of technology.”

In April 2021, Governor Murphy sent a letter to the production heads of Netflix, Disney, and Warner Bros., among other movie studios, trying to entice them with tax breaks to film movies in the Garden State.

In that letter, Murphy criticized Georgia’s voter ID laws as one of the reasons they should leave Georgia and move their business to the Garden State.

“I have watched with disappointment the recent decisions made by the Georgia State House. Restricting the right to vote is more than wrong, it is un-American,” Murphy wrote in his letter to Netflix, obtained by The Hollywood. Report. “These voting restrictions thrust Georgia into the national spotlight, with the vast majority seeing the state’s decision as an attack on people of color by a governor and legislature desperate to stay in power.”

Murphy has offered movie studios tax credits equal to what the state of Georgia currently offers: tax credits for up to 30% of production costs and a 40% tax credit for everything studio that is opening physical offices in New Jersey, according to the Wall Street Journal.

Murphy also attempted to woo Disney and Warner Brothers to open film production studios in New Jersey.

Fort Monmouth is a 1,127-acre former US Army base that straddles the Tinton Falls, Oceanport, and Eatontown areas. It was closed by the army in 2011.

This latest Netflix news is part of the ongoing Fort Monmouth building boom, as developers seek to turn former officers’ houses into luxury townhouses, with prices starting in the upper $700,000s. A waterfront plaza is being built and there are even plans to build a gymnasium (to be called the Fort Athletic Club), a microbrewery and a bowling alley in Fort Monmouth.

So far, construction has only started on private homes. ft. Monmouth construction boom: townhouses and waterfront promenade coming (March 2021)

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