The New Jersey Economic Development Authority on Thursday teed up a potential $387 million in tax credits for Netflix to build its studio campus at Fort Monmouth, a state-of-the-art movie and television production center that promises to transform the region’s economy.

Once built, Netflix Studio will be Netflix’s flagship production facility on the East Coast.

Spread over a 292-acre parcel at the former Fort Monmouth in Eatontown and Oceanport, the campus will be over one million square feet and will include 12 soundstages, backlot areas, an office building, and other production support facilities. Netflix plans to open the full facility in 2028.

“With Netflix leading the way, the creation of new, world-class studios has solidified New Jersey’s standing as a national leader in film and television production,” Gov. Phil Murphy said in a statement. “The approval made by the NJEDA board today will help create thousands of good-paying jobs, support small businesses and vendors, and stimulate the regional economy.”

Earlier this year, the authority’s board designated Netflix a studio partner, allowing the Los Gatos, California-based company access to expanded benefits under New Jersey’s Film and Digital Media Tax Cut program.

Netflix agreed to occupy a New Jersey film production facility for at least 10 years and is potentially eligible for a 40% base tax credit for qualified production expenses on future New Jersey film projects. The EDA said the tax credits could not exceed $387 million.

“We are grateful to receive support from Governor Murphy, the local officials in Oceanport and Eatontown, and the NJEDA to help build Netflix Studios at Fort Monmouth,” said Ted Sarandos, co-CEO of Netflix, in a statement.

“This new studio will catalyze job creation and economic growth, contributing to a vibrant production ecosystem in New Jersey.”

In 2013, Netflix established its original content division and has since filmed several productions in New Jersey, such as “The Irishman,” “The Perfect Find” and “The Watcher.”

“The film industry is thriving across New Jersey, and Netflix’s commitment to building a first-rate studio in Monmouth County highlights our state’s growing prominence in this field,” said state Sen. Vin Gopal, D-Monmouth, in a statement. “This project will prove to have a significant impact on our local economy by helping to create jobs, support small businesses, and revitalize communities.”