Netflix’s offer for a parcel of land at Fort Monmouth in New Jersey, where it wants to build a state-of-the-art production studio, has been chosen as the top bid – a key step although not yet a final one.
The next few months will include a due diligence period, an examination of the Fort, which is a former U.S. Army base, and finalizing economic terms. A signed sale agreement would then require various state, county and local approvals.
However, “While there is still work to be done with the Economic Development Authority and local leadership to finalize the deal, we are thrilled that FMERA’s [Fort Monmouth Economic Revitalization Authority] preferred choice for the Fort Monmouth development project is our proposal for a state-of-the-art production complex,” a Netflix spokesperson said Wednesday.
“If our plans are approved, we hope to build a facility that will create significant economic impact and job growth for New Jersey, a state loaded with creative talent and technical expertise.”
A handful groups, mostly real estate developers, also had bids under consideration.
The parcel of 289 acres would be a close second to Netflix’s biggest production hub in Albuquerque, NM, which totals 300 acres.
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