Well, it's official: Netflix is setting up its own film and TV production hub in Toronto's waterfront studio district, putting yet another feather in the cap (and millions in the pocket) of booming Hollywood North.

The American streaming juggernaut announced the news Tuesday morning, noting in a press release that it will be leasing space at both Cinespace Studios and Pinewood Studios in Toronto.

A total of eight sound stages—four within each facility—will become Netflix territory to start, as well as various office spaces for support work within the studio district.

Thanks to film industry stability provided by @fordnation & @VictorFedeli & thanks to @JohnTory for his tireless advocacy, @netflix has opened a production hub in Toronto, centered in the new Cinespace facility, where top content like @UmbrellaAcad will locate for years to come! pic.twitter.com/47K5fq1c7y

— Jim Mirkopoulos (@CinespaceTO) February 19, 2019

Pinewood, which is leasing out roughly 84,580 square feet of space, says Netflix will begin filming at least one production there within the next couple of weeks.

Cinespace expects Netflix to move in sometime this summer, once construction is complete on four dedicated sound stages totalling approximately 164,000 square feet of filming space.

"In total, both sites will support upcoming Netflix series and films, including the horror anthology series Guillermo del Toro Presents Ten After Midnight, the film Let It Snow and others," Netflix said in a statement.

"The new spaces add to Netflix's existing physical production footprint in Canada, which already includes a lease of British Columbia's Martini Film Studios, as well as production sites Netflix sets up across Canada on a production-by-production basis."

I’ve been excited from day one about the interest @Netflix has shown in establishing a much bigger presence in Toronto. https://t.co/hyHyjtaIoe

— John Tory (@JohnTory) February 19, 2019

This isn't the first we've heard about Netflix opening a production hub in Toronto (Mayor John Tory all but confirmed the news while speaking at a gala last month), but film and TV industry workers have reason to rejoice this morning.

In announcing the news, Netflix promised to create up to 1,850 new jobs per year for Canadians as part of its commitment. The terms of the company's lease agreements were not disclosed, but Netflix says that they are both "multi-year."

"With this commitment to Cinespace and Pinewood Toronto, we are proud to continue our investment in Canada and Canadian films and series," says Netflix VP of physical production Ty Warren, referring to the company's $500 million CanCon commitment in 2017.

"These new leases will enable us to expand our presence in Canada and provide a wealth of production jobs for skilled Canadian workers."