The Princess of Wales Theatre will soon become history.

David Mirvish and architect Frank Gehry have big plans to transform King Street.

The blueprints include three 8-storey towers, retail space, an art gallery, and a new campus for OCAD.

Mirvish says Gehry's designs of the condo towers are "more like sculptures".

Mirvish still has to apply for re-zoning but if successful, construction is expected to take four to seven years. An estimated price tag was not given.

(Photos courtesy Heather Loney/Global Toronto)