On Wednesday, December 21, the Fort Monmouth Economic Revitalization Authority (FMERA) voted to enter into a Purchase and Sale & Redevelopment Agreement with streaming giant Netflix to purchase Fort Monmouth's Mega Parcel for $55 million to build a state-of-art production facility.
It is anticipated that this new venture will spur economic growth in Monmouth County through additional businesses relocating or starting up within its borders. Additionally, residents hope these effects will reach beyond Eatontown and neighboring communities, strengthening the entire region's financial well-being.
Following the announcement, Assemblywomen Marilyn Piperno and Kim Eulner, who represent Eatontown in the state legislature, released the following statement:
"We are thrilled that Netflix has chosen to open a studio in Eatontown, bringing with it new jobs and opportunities. This is great news for the Eatontown community, as well as surrounding municipalities and Monmouth County, and will be a tremendous boost to our local economy."
The 292-acre Mega Parcel is speculated to provide at least 1000 new jobs and an $848 million capital investment for the development of the property. According to their proposed plans, Netflix envisions a film studio campus to include the construction of 12 soundstages of various sizes as part of the phased project.
"With this massive investment comes the immense potential for Eatontown and all of Monmouth County, bringing with it good-paying jobs and making New Jersey a significant player in the entertainment industry," said Piperno and Eulner.
Closed in 2011, Fort Monmouth was Monmouth County's largest employer providing more than 15,000 jobs. The base was formerly home to US Army Military Academy Preparatory School and the US Army Signal Corps. It is estimated that the closure was a $3.3 billion loss to the state economy.
The duo adds, "We thank FMERA and their leadership for their passion and diligence in securing the best possible future for Fort Monmouth."