Steven Spielberg Says He's 'So Honored' to Remake 'West Side Story' in New Featurette: WATCH

West Side Story is in theaters on Dec. 10

Rita Moreno is harboring the soul of Steven Spielberg's West Side Story adaptation.

In a featurette about the upcoming movie musical, exclusive to PEOPLE, Moreno can be seen on the set of the reimagining of the 1961 film that earned her a Best Supporting Actress Oscar.

As the clip, above, plays on, Spielberg introduces the actors on the film, including Ansel Elgort and Rachel Zegler, to a sweet tradition.

"This is a tradition on all of our movies where we toast the first shot and we toast the last shot," says Spielberg, holding a glass of champagne.

Niko Tavernise

"I just want to say we've been on production on this for months," he continues in the clip. "This is a very relevant story to the times we now live in. I'm just so proud and honored that I got this shot late in my career."

"I'm so proud to be here," Spielberg adds.

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Moreno played Anita in the 1961 version. In Spielberg's adaptation, which Moreno is also executive producing, the Oscar-winning actress plays the newly created role of Valentina, the owner of the corner store where Tony (Elgort) works.

Set in New York City in 1957, the film also star Zegler as Maria and Elgort as Tony, two star-crossed lovers on opposite sides of a forbidden romance. Ariana DeBose, David Alvarez, Mike Faist, Josh Andrés Rivera, Ana Isabelle and Corey Stoll also star.

West Side Story is in theaters on Dec. 10.