HONG KONG – DreamWorks Animation revealed plans on Thursday for a $2.4 billion entertainment complex in Shanghai, China.

Due to open in 2017, the Dream Center will have a 500-seat Imax theater, an entertainment district modeled on London’s West End and a venue for red carpet and festival events.

The project is backed by DreamWorks Animation, Chinese investment fund CMC Capital partners and Hong Kong-based property developer Lan Kwai Fong.

It is housed at a former cement factory near the site of the 2010 Shanghai Expo.

PHOTOS: Renderings of DreamWorks Animation’s Shanghai Dream Center

“This will become the world’s third great urban center of entertainment and arts alongside New York’s Broadway and London’s West End,” said DreamWorks Animation CEO Jeffrey Katzenberg.

The 40-acre site will feature eight outdoor event plazas and also house the film production facilities of Oriental DreamWorks. The Shanghai-based company, a joint venture between DreamWorks Animation and Chinese partners, is expected to produce “Kung Fu Panda 3” and a slate of other film, TV and online properties.

Shanghai, China’s business capital, is also home to the upcoming theme park Shanghai Disneyland, which is set to open in 2015.