The project is codenamed Condor, and it is going to be a spin-off of the 2019 Control which collected more than 20 Game of the Year awards. According to the developer, Condor will be developed using Remedy's Northlight engine and tools. The game will be available on PC, PlayStation 5, and Xbox Series X|S.
As Remedy reports, the game's initial development budget amounts to €25M. Even though release dates are not clear, the developer says they have agreed on further collaboration with 505 Games to "expand the Control franchise with a bigger-budget Control-game".
Here is a concept art that Mikael Kasurinen, Game Director of the Control franchise, says represents what Condor is going to be about: