Emagine Entertainment Inc. and Detroit rapper Big Sean formally announced a joint venture to build a new movie theater and music venue in Detroit on Wednesday.

The effort, reported by Crain's on Tuesday afternoon, was months in the making and began with discussions between Paul Glantz, founder and chairman of Troy-based Emagine, and Sean "Big Sean" Anderson in the fall last year, Glantz said during a media event at the Emagine theater in downtown Royal Oak on Wednesday morning.

"This is more than a dream come true," Big Sean said during the 15-minute news conference prior to an event that showed "Black Panther" for free to about 900 Detroit school students.

"I feel like one of the aspirations when you do something creative, like music or any type of business, is to be an owner in something. This is something outside of music that I'm actually an owner in. I think it's important to show the kids of Detroit, the people of the city, that you actually can be an owner … I hope it's a good example of bossing up and doing what you will."

The theater will be called the Sean Anderson Theatre Powered by Emagine, according to a company representative.

Details about the theater, including its location, are still being finalized, but Glantz said in an interview Tuesday night that it is expected to be 10-12 screens with the capacity to seat 1,000-1,300 people. It would open by early 2020 and also include a music venue that could also host events such as lectures, seminars and comedy shows, Big Sean said Wednesday.

A site has not yet been selected, although an entity tied to Glantz has been buying property in Detroit's Milwaukee Junction neighborhood in recent months near East Milwaukee and Brush Street.