Netflix is set to acquire its first production studio complex, Albuquerque, New Mexico’s ABQ Studios.

The streaming giant announced on Monday that it is currently in the final stages of negotiations to purchase the studio, which will become the hub for Netflix’s original series. The forthcoming Netflix series, dramas Chambers and Messiah, are being filmed in New Mexico and will be produced at ABQ, with a third show, Daybreak, to also be produced there.

Netflix’s series Godless, Adam Sandler’s The Ridiculous Six, and previously A&E’s series Longmire were also produced in New Mexico.

According to Netflix, the acquisition will generate 1,000 jobs per year, and bring $1 billion production to the state over the next 10 years. Local and state officials will also allocate as much as $14.5 million to the project, with the city’s mayor and the New Mexico governor viewing Netflix’s purchase as an fiscal win.

“Netflix is at the cutting edge of the film and television industry and it’s an honor to welcome them to New Mexico,” New Mexico Gov. Susana Martinez told The Hollywood Reporter.

During its last earnings quarter, the streaming giant reported that it now has around 130 million customers globally. Netflix is also paying a lot to produce its original series and films; this year alone, it spent $8 billion.

“Our experience producing shows and films in New Mexico inspired us to jump at the chance to establish a new production hub here,” Netflix VP of Worldwide Physical Production Ty Warren told THR. “The people, the landscape and the facilities are all stellar and we can’t wait to get to work — and employ lots of New Mexicans — creating entertainment for the world to enjoy.”