Medient Studios Inc., and the Effingham County Industrial Development Authority executed the lease today for the 1,600-acre property where the company will build a movie production studio and entertainment complex.

The company has a 20-year lease on the land, which is at the Old River Road exit on Interstate 16. At the end of the lease, the property will automatically be transferred to the company.

The value of the total project that is planned for the site is $300 million. Phase one is $90 million. Of that, $10 million is for a land lease, $40 million is for equipment and $40 million is for buildings.

Medient, which has said it will create 1,000 jobs, will receive $1.25 million from the IDA as a site development grant. 

"We are excited to finish off the formalities and get to work," said Manu Kumaran, chairman and CEO of Medient. "I am grateful for the unstinting support of the IDA and county and look forward to getting the studio open soon."

Groundbreaking is scheduled for 11 a.m. on Thursday, Aug. 29.