Netflix on Wednesday received approval of its plans to develop a state-of-the-art East Coast production facility on the former Fort Monmouth campus in Monmouth County that will create more than 1,500 permanent production jobs and more than 3,500 construction-related jobs in New Jersey.

The announcement follows the authorization by the Board of the Fort Monmouth Economic Revitalization Authority (FMERA) of a Purchase and Sale & Redevelopment Agreement with Netflix for the property that has been largely vacant since 2011. The Board approved the decision at FMERA’s Dec. 21st board meeting.

Netflix disclosed the bid amount on Wednesday as $55 million and plans to commit an additional $848 million to develop the more than 292-acre parcel, adjacent to Route 35 in Eatontown and Oceanport, into 12 state-of-the-art soundstages totaling nearly 500,000 square feet of new development, with the remainder of the property slated for redevelopment with supporting film uses and several community amenities.

“This transformative investment will serve as a cornerstone in our efforts to create a thriving industry from whole cloth,” Gov. Phil Murphy said. “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. 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 has vowed since the beginning of his Administration that building New Jersey’s film and television industry has been a top priority.

Read the full article from ROI-NJ here.