Streaming giant Netflix will invest $905 million to transform a vacant Army base in New Jersey into its East Coast production hub.

The streamer, known for hits like “Stranger Things” and “Emily in Paris,” said it paid $55 million for the 292-acre Fort Monmouth base, located about 60 miles south of Midtown.

Additionally, the company plans to invest nearly $850 million in the community to develop the state-of-the-art production studio, which will include 12 soundstages.

“We believe a Netflix studio can boost the local and state economy with thousands of new jobs and billions in economic output, while sparking a vibrant production ecosystem in New Jersey,” said Ted Sarandos, Netflix co-CEO and chief content officer, in announcing the deal Wednesday.

New Jersey Gov. Phil Murphy said Netflix’s arrival will create more than 1,500 permanent production jobs in the area, as well as 3,500 construction jobs.

“This transformative investment will serve as a cornerstone in our efforts to create a thriving industry from whole cloth,” 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.” 

Murphy said the project will create new housing, hotel and film-related businesses in the area, which has suffered economically since the Army closed the base in 2011.

The project is set to be completed in two phases over the course of several years.

The new facility adds on to Netflix’s existing studios in Brooklyn, which the streamer opened in 2021, as well as other North American studios in Georgia, California, New Mexico, British Columbia and Toronto.

“I think we certainly needed an East Coast production hub,” Netflix director of content and studio affairs Rajiv Dalal told The Hollywood Reporter. “And given the talented crew base in New Jersey that have worked on our titles in New York, but live in New Jersey, the multiplicity of great scenic backdrops, the proximity to major metropolitan areas and the fact that we were able to get a large swath of land close to 300 acres. Those were key decision drivers.”

The Garden State was home to 725 productions and brought in a record $80 million last year, according to the state’s Film and Television Commission.