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It looks like Miami will be getting a new film studio.

Today, the Miami Omni Community Redevelopment Agency’s board of commissioners approved a contract with EUE/Screen Gems Studios for the development and operation of a movie studio and related facilities.

The Miami Entertainment Complex will be located in the city’s Media and Entertainment District, just west of the Arsht Performing Arts Center. The MEC is being designed to serve major film productions, television series and independent filmmakers.

“In addition to being a revenue generator for the OMNI CRA and the City of Miami, this facility will be a focal point for providing invaluable experience for our community’s up-and-coming talent in the entertainment industry, as EUE/Screen Gems Studios has committed to partnering with local educational institutions to create a student intern program,” said Pieter A. Bockweg, executive director of the Miami Omni CRA, in a statement.

The final contract took approximately three months to negotiate, and the project has been put on a 14- to 16-month fast-track construction schedule. Once operational, EUE/Screen Gems Studios will lease the MEC for 10 years with an option to renew for an additional nine years.

EUE/Screen Gems already owns and operates film and TV facilities in Wilmington, North Carolina; Atlanta; and New York City.

The annual lease payment on the Miami facility will be $100,000 plus an 11% gross revenue share.