(AP) -- Netflix said Wednesday it plans to build a state-of-the-art production facility at a former Army base at the Jersey Shore that will cost more than $900 million, and create thousands of jobs.

The subscription video streaming company will pay $55 million for a 292-acre site on the former Fort Monmouth military base in Eatontown and Oceanport.

The California-based company plans an additional $848 million worth of investments in 12 sound stages and for other uses related to the film industry.

“We’re thrilled to continue and expand our significant investment in New Jersey and North America,” said Ted Sarandos, the company's co-CEO and chief content officer. “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.”