The Great Gulf real estate group is buying a high-profile, high-rise development in Toronto's entertainment district from Ed Mirvish Enterprises.

The Mirvish+Gehry project currently calls for two towers — one 82 storeys and the other 92 storeys — near the Princess of Wales theatre on King Street West.

Terms of the transaction weren't disclosed in Monday's announcement.

The initial proposal announced in 2012 called for the demolition of the theatre — one of several venues owned by the Mirvish family — to make room for a third tower.

Mirvish has scaled back the scope of the development in response to local objection to the height and density of the development, which will include retail, office, institutional, hospitality and condominium suites in downtown Toronto.

The Princess of Wales Theatre was slated for demolition in the original plan. In 2014, the plan was re-worked to allow the theatre to stay.

The area is home to some of Toronto's major entertainment venues including the Bell Lightbox, which is home to the Toronto International Film Festival, Roy Thomson Hall and the Mirvish-owned Royal Alexandra theatre.