Netflix’s offer to purchase a parcel land in Fort Monmouth, NJ, where it plans to build a state of the-art production studio was selected as the highest bid. This is a significant step, but not yet the final.
In the next few months, a due diligence period will be followed by an inspection of Fort, which was once an army base. The final economic terms will then be determined. The signing of a sale agreement will require approval from various states, counties, and localities.
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A Netflix spokesperson stated that while there are still some things to do with the Economic Development Authority, local leadership, and to close the deal, they are delighted that FMERA’s [Fort Monmouth Economic Revitalization Authority] preferred choice is our proposal for a state of the-art production complex.
“If our plans get approved, we hope that we can build a facility which will have significant economic impact on New Jersey and create job growth. New Jersey is a state full of creative talent and technical knowledge.
A few groups, mainly real estate developers, had also submitted bids.
This parcel of 289 acres would be close to the 300-acre Netflix production center in Albuquerque New Mexico.