The owner of the Toronto Maple Leafs hockey club and Raptors basketball team said Tuesday it is planning a $350-million entertainment complex in Toronto's downtown core.

Maple Leaf Sports & Entertainment will team up with real estate developer Cadillac Fairview Corp. and residential property developer Lanterra Developments to build Maple Leaf Square, which will include two condominium towers, a hotel, restaurants, broadcast facilities and retail space.

The project, to be built beside the Air Canada Centre, is expected to be completed by 2009.

"Maple Leaf Sports & Entertainment has challenged itself to increase our enterprise value in a way that extends the reach of our brands," said Richard Peddie, president and CEO of MLSE, in a release.

"Our development creates a larger significant stage that will attract major sports and world events to Toronto and at the same time support tourism and economic growth," Peddie said.

The partners predicted that about 1,700 construction jobs will be created to build the project, which will employ about 500 people when it is complete.