Netflix in NJ? Streaming giant bids on Fort Monmouth property
After months of buzz, Netflix has officially entered a bid on a sprawling property at Fort Monmouth.
The Fort Monmouth Economic Revitalization Authority has been overseeing plans to develop the nearly 300-acre property known as the “Mega Parcel,” spanning parts of Eatontown and Oceanport, since the U.S. Army base officially closed in September 2011.
A total of four bids were received by the Monday deadline, the panel announced.
While the Mega Parcel had been appraised for $54 million as of October, according to FMERA, — no further bid details would be announced as the evaluation process began.
If the streaming giant's proposal is ultimately chosen, the Monmouth County site would become Netflix's second largest production facility behind a New Mexico property, as previously reported by the New York Times.
This past fall, Netflix also opened a new production facility across the Hudson River — in the Bushwick section of Brooklyn, as reported by Brooklyn Eagle.
The other Fort Monmouth bids were submitted by Extell Acquisitions, Mega Parcel Development and RDR Partners.
RDR Partners involves stake-holders Russo Development, Dinallo Development and River Development Equities - while Extell Development Company is a New York based real estate company.
Mega Parcel Development was filed with state officials in January, with Joseph Saadia as its registered agent.
NJ reclaiming movie 'roots'?
“America’s first movie studio was in New Jersey, and today it’s home to many talented people working in entertainment,” Netflix said in a statement back in October, as reported by Bloomberg.
In late May, New Jersey announced a major film and TV production facility has been confirmed for Essex County, not far from Newark Liberty International Airport.
“We’re not just committed to making film and television production a core driver of our economy, we are actively restoring our historic place in a world-class location," Gov. Phil Murphy said at the time.
That project involves Great Point Studios, the New Jersey Performing Arts Center and Lionsgate.
Murphy signed legislation four years ago, reinstating New Jersey’s film tax credit program.
As of March, about 86% of Fort Monmouth’s total 1,126 acres was either sold, under contract, in negotiations or entering the request for proposals process, as reported by NJBiz.
Erin Vogt is a reporter and anchor for New Jersey 101.5. You can reach her at erin.vogt@townsquaremedia.com
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