The Pinewood studio group has launched a screen industries growth hub called Screen Hub at their site in Buckinghamshire, England, with an investment of £450 million ($583 million).

The hub will be based on a 77-acre site to the south and immediately adjacent to the existing iconic studio that has been home to global franchises including “Star Wars” and James Bond. It will include a 350,000 sq. ft film-inspired international visitor attraction titled Pinewood Studio Experience; new film production facilities with “live” links to the Experience; an educational training and skills hub; a creative industries business growth hub; and a green campus.

The group estimates that the hub will result in the creation of some 3,500 new jobs, add £230 million ($298 million) annually into the economy, and £125 million ($162 million) every year into the tourism industry. The project will implement the proposals contained in the U.K. government’s creative industries deal that will invest more than £150 million ($194 million) in the sector, the tourism sector deal that identifies tourism zones across the country, and the Buckinghamshire Local Enterprise Partnership (LEP) local industrial strategy.

Pinewood group chair Paul Golding said: “The government and Buckinghamshire LEP have recognized Pinewood Studios as a major economic asset to be enhanced with the creation of a screen growth hub for the U.K. We are pleased to be able to respond with this scheme. We have been looking at a visitor experience for some time and feel that now is the right moment to bring it forward. The project will strengthen U.K. film and bring much needed jobs and spending. We hope our planning application will receive widespread support.”

Pinewood group is preparing the application and will start consultations with the local community and wider stakeholders next week.

Last year, Disney signed a long-term deal to occupy most of Pinewood’s stages.