Netflix to Invest $850M in New Jersey Production Hub

Netflix (NASDAQ:NFLX) on Wednesday proposes to buy Fort Monmouth’s Mega Parcel for $55M to build a state-of-art production facility.

With the move, the streaming giant plans to build one of the largest fully-integrated production facilities in the world on a former military

Netflix received approval on the purchase from the Fort Monmouth Economic Revitalization Authority on Wednesday evening.

The California-based company said it will invest upwards of $850M to create one of the largest production facilities in the world, one with 12 sound stages, ancillary production spaces and back lots, similar in size and scope to its New Mexico studios. The company plans to shoot features, series and scripted projects at the studios.

The Hollywood streaming giant says with the addition it could create between 1,400 and 2,200 jobs annually.