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WATCH ABOVE: New waterfront ‘City of the Arts’ development announced. Mark McAllister reports.

TORONTO – Developer Daniels Corporation has unveiled its plan for a mixed-use condo project at the site of the former Guvernment nightclub in Toronto’s waterfront district.

Daniels purchased the location at Jarvis and Queens Quay last May with plans to build a 1,320,000 square foot “live-work-play-learn-create” community.

Introducing Daniels Waterfront – City of the Arts! @danielswtrfront @DWF2015 pic.twitter.com/dNKlzeqvdM — Daniels Waterfront (@danielswtrfront) March 26, 2015

@danielswtrfront is one of the first private-sector developments at the East Bayfront and the very first to be built on privately owned land — Daniels Waterfront (@danielswtrfront) March 26, 2015

“This dynamic new community, at the gateway to East Bayfront, will become a fully connected destination that will enhance Toronto’s position as an internationally recognized city of arts, culture and innovation,” the company said in a media release.

The development project will include office space, retail, residential, academic and cultural components with a price tag of $700-million.

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@danielswtrfont – A destination that will enhance Toronto’s position as an internationally recognized city of arts, culture and innovation. — Daniels Waterfront (@danielswtrfront) March 26, 2015

The complex will also be home to some of the city’s leading non-profit arts organizations such as Artscape, Manifesto, The Remix Project, talent management firm Last Gang Entertainment and entertainment law firm Taylor Klein Oballa LLP.

CITY OF THE ARTS NORTHWEST VIEW. Daniels Corporation LIGHTHOUSE TOWER ENTRANCE. Daniels Corporation Developer Daniels Corp. announced a $700-million plan to build a mixed-use condo project at the former location of the Guvernment nightclub in Toronto's waterfront area. Daniels Corporation SUGAR BEACH NEW PERSPECTIVE. Daniels Corporation THE YARD. Daniels Corporation

Phase one of the project includes building a tower on the south parcel land to house Daniels’ headquarters as well as a “creative industries hub” and retail space for a RBC bank, stores, restaurants and coffee shops.

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Phase two will include a 48-storey tower located on the north parcel land with 900 condo suites.

The developer is also negotiating with George Brown College and OCAD University for a centre for innovation.