LOS GATOS, CALIFORNIA - APRIL 20: A sign is posted in front of Netflix headquarters on April 20, 2022 in Los Gatos, California. Shares of Netflix dropped over 35 percent after the company reported that it had lost 200,000 subscribers for the first time in the first quarter. The company also reported that it expects to lose an additional 2 million subscribers in the current quarter.

On Wednesday (Dec. 21) Netflix unveiled its plans for an investment of $903 million into a production facility, per NJ Advance Media. The production house will be created on the former military base, Fort Monmouth, which surrounds Eatontown, Tinton Falls, and Oceanport. It will be a central point for the streaming giant’s East Coast operations.

The Fort Monmouth Economic Revitalization Authority voted to authorize Netflix’s plan when it met at 5 p.m. Wednesday, according to a joint announcement from Netflix and Gov. Phil Murphy per the publication.

“Netflix is coming to town!” Gov. Phil Murphy tweeted Wed. (Dec. 21) “Our administration always knew NJ was a star—that’s why we worked so hard to build our entertainment industry from the ground up. Now, we are thrilled the former Fort Monmouth campus will officially be home to Netflix’s East Coast production facility!”

The streaming giant’s deal has to go through a due diligence period and get local approval but the support from Murphy following the vote makes it seem as though the entertainment company will have little to no interference in finalizing its New Jersey production facility.

“This will be among our largest, kind of on a par with our 300-acre facility in Albuquerque,” Netflix’s Director of Content & Studio Affairs Rajiv Dalal told NJ Advance Media in an interview prior to Wednesday’s approval.

“We’re super-excited about moving one step closer to actually making this is a reality,” he said.

NJ Advance Media reports that “Netflix is planning to develop 12 soundstages totaling nearly 500,000 square feet on the site, which is adjacent to Route 35 in Eatontown and Oceanport, among other additions. Renderings show multi-story production stage buildings and offices tucked behind the familiar Fort Monmouth archways.”

Although there is not a targeted opening date as of yet, once operational the Netflix spokesperson said that the new studio would “provide anywhere from 1,400 to 2,200 jobs.”

“As a result of nearly a billion dollars in film production spending, New Jersey will further solidify its status as an emerging national leader in the television and film industries,” the governor said in a statement Wednesday.

“Additionally, Netflix’s substantial direct investment will stimulate job creation and spark an entirely new ecosystem of housing, hotels, and ancillary businesses and services, bringing with it countless additional jobs and boosting the regional economy,” Murphy said.

This Netflix facility would be the company’s main East Coast production hub.