Robert and Susan Downey are producing “Yucatan,” an action-adventure heist project developed by the late Steve McQueen, through their newly minted Team Downey banner.

Dan Lin, a producer on “Sherlock Holmes,” is also producing “Yucatan.” Project’s the first announced by the Downeys since they signed a first-look deal at Warner Bros. earlier this year.

The duo’s also tapped David Gambino as president of production of their shingle. Gambino started as Susan Downey’s assistant while she was an exec at Silver Pictures.

McQueen developed “Yucatan,” a story set in the Mexican region and centered on jewels buried on the ocean floor, in 16 leather-bound volumes.

Warner acquired the “Yucatan” rights from the actor’s son, Chad McQueen, who will exec produce along with Lance Sloane.

Team Downey and Lin are looking for screenwriters for “Yucatan.” Jon Berg, who brought the project to Susan Downey’s attention during the “Sherlock” shoot, is overseeing the project for Warner Bros.

The Downeys have worked on five films together — “Gothika,” “Kiss, Kiss, Bang, Bang,” “Sherlock Holmes,” “Iron Man 2” and “Due Date,” with Susan Downey serving as exec producer on the latter two. They’re also working on “Sherlock Holmes 2” with Guy Ritchie returning as director along with the rest of the cast and producers including Lin, Joel Silver and Lionel Wigram.

The Team Downey banner’s also planning to develop mainstream projects that may not necessarily be star vehicles for Robert Downey Jr. on which he could produce, direct or co-star. “We’re looking for smart, character-driven projects with successful stories,” Susan Downey said.