The King and John area has seen a lot of change the past couple of years with the addition of the TIFF Bell Lightbox, and more recently the Ritz-Carlton hotel. The area is now the focus of the Toronto International Film Festival.

But David Mirvish says while you can take in theatre, film and dinner in the area, you still can't buy a pair of shoes.

That is one of the reasons why he wants to transform King St some more, and he has a big plan to do so.

Mirvish will be applying for re-zoning. The theatre mogul wants to tear down the Princess of Wales theatre and its neighbouring buildings and put up three condo towers.

On the ground floors, there would be retail space and two museums.

Mirvish has partnered up with famous architect Frank Gehry, who designed the new AGO, to make it happen.

If everything goes through, the development would take four to seven years to construct.