David Mirvish announced today that the Princess of Wales Theatre couldn’t be spared for a new condo project along Toronto’s King Street West.

The theatre was completed in 1993 opening with the muscial Miss Saigon. The 2,000 seat show piece of the Mirvish theatre empire was named after the late Princess Diana.

The new property will be home to three condos, a campus for OCAD University and a public gallery.

“The three iconic residential towers, each with a different form, façade and use of materials, will be: a slender and highly articulated tower beside the Royal Alex; and on the block bordered by King, Pearl, Ed Mirvish Way and John Street, a stacked, slatted L-shaped tower and a translucent tri-winged tower,” Mirvish said in a press release.

The official announcement will take place on Monday at the Art Gallery of Ontario.

The project will take up to seven years to complete.