NEW JERSEY (PIX11)— A new 12-acre film and television studio will be built on the site of a former Newark housing complex as part of a $100 million project.

Lionsgate, New Jersey Performing Arts Center, and Great Point Studios will be building the 300,000 square-foot entertainment complex at the former Seth Boyden Housing site near Newark Airport after reaching the multi-million dollar deal Tuesday.

The space will provide a variety of services, including production stages, offices, parking spaces, restaurants, catering, and cleaning services.

The deal is expected to generate $800 million annually for the state and create 600 new jobs for Newark residents. Construction is scheduled to begin in late 2024.

“Bringing a project of this magnitude into Newark is a monumental victory for our city,” Newark Mayor Ras Baraka said in an emailed statement. “It will bring hundreds of new jobs, create new educational opportunities for our students, and invigorate the revitalization of the South Ward.”