Asian real estate corporation New World Development has officially launched its “most ambitious” project to date: a museum-retail complex in the heart of Hong Kong's US$2.6bn (€2.2bn, £1.9bn) Victoria Dockside.

The K11 Musea will form a high-end experiential retail, art, cultural and dining destination, and anchor the Tsim Sha Tsui harbourfront’s 3 million sq ft (278,700sq m) art and design district. Ground has now broken on the project and it is expected to open in Q3 2019.

The building has been designed by Kohn Pedersen Fox Architects and James Corner Field Operations, who have also masterplanned the wider Victoria Dockside district for New World Development – adding cultural, commercial, residential, hotel and family spaces. Last year they completed work on the flagship hotel, K11 Atelier, which will be operated by Rosewood.

The 10-storey Musea will house an extensive selection of international brands and exhibition spaces for a rotating art collection. The building’s facade will feature one of the world's largest living walls, boasting a total surface area of over 50,000sq ft (4,600sq m) of greenery, equivalent to the surface area of 18 tennis courts.

There will also be a 2,000sq ft (186sq m) ‘Sunken Plaza’ outdoor amphitheatre, with water features and a misting system, and a 25ft tall LED screen for film festivals and cultural events.

The location, scale and concept are unique,” said Adrian Cheng, executive vice chairman of New World Development and founder of K11 Group. “The project involves leading architects as well as over 100 local and international designers and artists. K11 Musea will also bring great cultural content back to Hong Kong's Tsim Sha Tsui waterfront, which has lost its legendary charm since the late 90s.

“It’ll be Hong Kong and Asia's new cultural destination, where global millennials can come together and discover their muse."

Cheng added the project will “set a new benchmark for green design in Hong Kong.” The Project has achieved green building pre-certifications including the U.S. LEED (Gold) and the Hong Kong BEAM Plus (Gold) standards. Interior features will include natural materials, such as limestone and wood, while rainwater harvesting will provide 100 per cent of irrigation water. There will also be a seawater-cooled, oil-free HVAC chiller system, which reduces annual energy consumption by over 12 per cent.