The centre will be a further boost for the Innse Gall area's growing creative industries sector creating new jobs and attracting fresh talent to the region.
The sector is seen as key driver for economic growth in the Outer Hebrides and the wider area contributing around £70m to the region's economy.
HIE is contributing a £750,000 funding package toward the centre which is being taken forward by Comhairle nan Eilean Siar. It will make a major contribution to what is an already important media presence in Stornoway following the launch of the Gaelic digital channel, BBC Alba, in October last year.
It will be sited next to the existing Gaelic Media Services headquarters in Seaforth Road - along with Studio Alba which is the largest independent studio in Scotland - and HIE believes it will become a focal point for producers and freelance operators.
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Archie MacDonald, HIE's area manager in the Outer Hebrides said: "This development represents a unique opportunity to establish a prestigious facility that has the potential to drive income generation and new employment opportunities in the media and creative sector in the Innse Gall area.
"The Scottish Government has already expressed its commitment to developing Scotland as a production centre for television, film and new media. This proposed new centre has a critical role to play in this ambition.
"The region is rich in Gaelic language, culture and heritage and the centre will provide an important platform for building on these strengths and levering additional economic benefits."
The centre will be built on two floors and provide a range of meeting and office rooms and includes a larger open plan area suitable for a variety of uses including workshops, events and hot-desking.
The 1,100m² building will also have strong green credentials including underfloor heating from a ground source heat pump and a wind turbine.
Up to 60 jobs could be created in the first five years of the project. These would include new posts in the centre itself and extra employment in the wider supply chain.
Creative industries businesses are key players in the Innse Gall economy and wider area and the new centre is expected to bring a significant boost to the growth of the sector.
Sabhal Mor Ostaig/Fas is also expected to benefit from higher student numbers attracted to the region because of the new Stornoway centre.
Work on the new centre is expected to start later this year and will be up and running in 2010.
The project is also attracting a contribution of £1m from the European Regional Development Fund.
(GK/JM)
