Although merely rumored a few months back, the title of Guillermo del Toro’s Cold War fantasy-romance drama has formally been confirmed as The Shape of Water, and in even more exciting news, production has officially begun. Del Toro’s latest project features an incredible cast, including Sally Hawkins, Octavia Spencer and Michael Shannon, and although it doesn’t yet have a release date, it’s already one of our most anticipated films of…well, whenever it comes out.

Fox Searchlight sent out an official press release announcing the start of production on The Shape of Water, which is mysteriously described as “an other-worldly story, set against the backdrop of Cold War era America circa 1963.” If a previous rumor is to be believed, then the plot involves a romance between Hawkins’ character and a half-man, half-aquatic creature — a merman, basically.

Although del Toro remains tight-lipped regarding plot specifics, he did offer this effusive statement about the project:

I started working on THE SHAPE OF WATER right around the time we moved to Toronto for PACIFIC RIM.  Working with Fox Searchlight and being supported by this beautiful group of actors and artists, I feel extremely blessed and brave.

The Shape of Water is based on a screenplay co-written by del Toro and Vanessa Taylor (Game of Thrones), and also stars Richard Jenkins, Michael Stuhlbarg and Hellboy’s Doug Jones.