OverActive Media confirmed details of a $500 million project in the heart of Toronto's CNE Grounds that will include a 7,000-seat "performance venue."

The project includes a hotel complex along with a theater-style entertainment venue that is projected to be completed in 2025. Monday's announcement said the facility plan is a strategic extension of the master plan previously established by city officials.

The venue will be privately financed, with OverActive Media planning to attract music and entertainment acts from around the world to Toronto. The goal is to host more than 200 annual entertainment events along with conventions, corporate events and product launches.

"Today is another important step in the evolution of OverActive Media," company president and CEO Chris Overholt said in a statement. "We are building a world leading, 21st century sports media and entertainment company and this best-in-class performance venue will be the chosen home for a new generation of fans that think differently about their entertainment choices and experiences."

OverActive, which owns the Call of Duty League's Toronto Ultra and the Overwatch League's Toronto Defiant, is planning for a "full slate" of esports events.

"It has always been our intention to develop a venue and hosting strategy and to build a facility that could not only serve as an iconic home for our two franchises, but ultimately emerge as a global hub for major international esport events," Overholt said. "We are already in active discussions to attract some of the biggest esport events in the world. This venue will redefine Toronto's event hosting opportunities in every way."

--Field Level Media

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