Mayor David Miller helped break ground this morning to kick off the redevelopment of the Sony Centre for the Performing Arts, which will include the new L Tower condominiums.

The renovation project on the theatre — formerly known as the O’Keefe Centre — is set to be completed by next fall, in time to mark the venue’s 50th anniversary.

The L Tower, designed by famed architect Daniel Libeskind, won’t be finished until 2011.

According to the condominium’s website, the tower will rise 57 storeys above Yonge and Front Streets and will include nearly 500 suites.

Penthouses will go for between $950,000 to $2.5 million. Tower suites from $589,900.