It’s official; Universal Music Canada will move to downtown Toronto in 2018.

In an announcement Tuesday outside their future location at 80 Atlantic Ave., Universal Music Canada President and CEO Jeffrey Remedios revealed the company’s plans to move the from their North York office to the Toronto tech hub located in the city’s west end.

“80 Atlantic will be the next phase of the growth and evolution of our city’s music community as we build greater resources and support for artists, enabling them to fully refine their craft at home,” said Remedios outside the new location across from Lamport Stadium.

The new facility will be “so much more than a record label’s office,” as Remedios revealed plans for recording, live performance, content creation, and fan-focused spaces, which will be open to independent artists.

Toronto Mayor John Tory was also on hand for the announcement, praising Universal’s move, Remedios’ initiative, and the impact this will have on Toronto’s music scene.

“Universal is on the edge of innovation and digitization that continues to transform music and every aspect of our lives,” said Tory. “This is the kind of creativity and innovation that I want to see in every corner of Toronto.”

“Musicians attract other musicians,” Tory added, “and that is good for the soul of the city.”

The afternoon announcement featured a performance by Universal recording artists The Beaches, named after their east-end Toronto neighbourhood. The full announcement was live-streamed by Universal Music Canada, and is available to watch below.