The Princess of Wales Theatre is a 2000-seat theatre located at 300 King Street West in the heart of Toronto's 'Entertainment District' in the downtown area. The theatre's name has a triple meaning: it recalls the Princess Theatre, Toronto's first "first-class legitimate" playhouse, that once stood three blocks to the east; it honours Diana, Princess of Wales, with whose consent the theatre was so-named; and it links the building to its sister theatre, the Royal Alexandra, one block to the east, also named - with Royal assent - for a former Princess of Wales.
The theatre is barely a decade old as it opened on May 26, 1993 with a local production of the megamusical Miss Saigon. Subsequent productions in the Princess of Wales have included the musicals Beauty and the Beast, The Lion King, Les Misérables, Hairspray, Chicago, Oliver!, Cabaret, The Phantom of the Opera and recently was home to The Sound of Music. These shows have shaped Toronto's live theatre entertainment over the past 10 years.

The Princess of Wales Theatre also contains an irreplaceable piece of art; when the theatre was build David Mirvish commissioned a series of murals by American abstract–expressionist painter and sculptor Frank Stella. The paintings—10,000 square feet (1,000 m2)—cover the auditorium ceiling dome, the proscenium arch, the walls of lounges and lobbies on all four levels of the theatre and the outside back wall of the fly tower. They are believed to comprise one of the largest mural installations of modern times. Mr. Stella also designed the decorative fronts of the boxes and balconies and the decorative end-caps of the each seating row. If we tear down this building we are also destroying art.
If it becomes alright to tear down such a young, useful and meaningful building right in the heart of 'Toronto's Entertainment District', what does this say for the future of live Theatre in Toronto? We are saying we don't want, need or have space for Theatre and the Arts in Toronto. The Demolition of 300 King Street must be put to a stop.