STRATFORD, Conn. -- One of the largest film production studios in the country could soon be built in southern Connecticut.

Production company Hollywood East of Meriden submitted the winning bid on a 78-acre site in Stratford, formerly used by the Army to build aircraft engines.

The winning bid on the waterfront property was $9.6 million.

The site, adjacent to Sikorsky Airport, was abandoned 12 years ago.

"That Startford Army engine plant that had been known by many names: Allied Signal, Textron, Lycoming -- was in essence an Army factory. It was our No. 2 taxpayer -- somewhere close to 10,000 jobs both for Stratford and the region," said Stratford Mayor James Miron.

The hope is that plans to create a major film and multimedia production center with dozens of sound stages and support facilities will revitalize both the city and the region.

"This has the real opportunity to, depending on their business plan and how it's implemented, to make the state of Connecticut a player in the entertainment business … to be a rival for New York City," Miron said.

Channel 3 Eyewitness News reporter Dan Kain reported that the state has had some success with its efforts to lure film production to Connecticut with tax credits.

Hollywood East has been given 180 days to present a cleanup plan for the property. The company will be required to cover the cost of cleanup, which could cost more than 10 times the purchase price.

If the remediation and re-use plans for the site are passed by the state, the governor would have to approve the plan.