The video streaming company says it will buy the former Fort Monmouth military base in Eatontown and Oceanport, and build sound stages and related studio space.
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The facility will also serve as a central point for Netflix's East Coast operations.
The project will cost more than $900 million and is expected to create thousands of jobs.
In the process of creating the studio, Netflix will pay $55 million for the 292-acre site.
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"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."
The plan still needs numerous levels of approvals from local and state officials.
"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."