The largest film studio in Toronto is about to get even bigger, with Cinespace Studios announcing a significant expansion of its Marine Terminal Studio Hub on Tuesday.

Cinespace has inked a long-term lease with PortsToronto for the redevelopment of Marine Terminal 52, adding three new production stages and support spaces to its adjacent facility at Marine Terminal 51 in the Port Lands, with a planned opening in 2023.

With the studio's signing of a second long-term lease with PortsToronto, plans are officially in motion for another 130,000 square feet of production space in what will become the Marine Terminal Studio Hub, adding to Cinespace's existing 1.3 million-square-foot presence in the city that includes 25 stages across three sites.

The expansion joins a growing list of production spaces in the Port Lands area, including Pinewood, District 28, and the new Basin Media Hub.

"We are proud to continue our investment in Toronto that started over 30 years ago. It's a privilege to partner with PortsToronto again and be selected to develop Terminal 52 into a second facility that will meet the increased demand for production infrastructure," said Ashley Rice, President and Co-Managing Partner, Cinespace Studios.

The new studio space will be housed in a colourful yet restrained building designed by architecture and design firm Gensler. It's nowhere near as flashy as the design for the nearby Basin Media Hub — also scheduled to open in 2023 — but the new building's uncomplicated design will be much easier to materialize in the timeline provided.

Once complete, the Marine Terminal Studio Hub's second phase is expected to support 300 new jobs for the facility, which is already home to a Netflix production hub and active in producing recent major releases like Guillermo Del Toro's Nightmare Alley.

Acknowledging that "The film and television production industry in Toronto is important to the local economy, the creation of jobs, and the culture of our city, Mayor John Tory hailed the announcement with a prepared statement.

"Toronto's screen industries have experienced a period of significant growth and investment over the last decade, and we know that there has been a real need for even more studio space."

"This project will not only help us attract more projects and more people to our city but as a result add more jobs which is good for our city and good for the economy."