Netflix Building Studio in New Jersey

New Jersey Officials have announced that state officials have formally approved plans for Netflix to turn the former Fort Monmouth Army base into a state-of-the-art production facility.

The streaming giant will invest about $848 million in the redevelopment project, with construction to be completed in two phases over several years. Gov. Murphy said the “transformative investment will serve as a cornerstone in our efforts to create a thriving industry from whole cloth,” adding that the outpost five miles from the Jersey Shore will generate “an entirely new ecosystem” consisting of industry work, housing, hotels and ancillary businesses and services.

Source: Bloomberg