The Gran Telescopio CANARIAS (GTC) is a high performance 10-m class telescope whose construction has been promoted by the IAC (Instituto de Astrofísica de Canarias). It will be installed at the Roque de los Muchachos Observatory (ORM), in the island of La Palma. First light is planned for end-2002. The key science drivers for the project are image quality, operational efficiency and reliability, as emphasized in the Conceptual Design Document which was finished in mid-97. The Preliminary Design is now proceeding on all aspects of the project. The GTC Project is presently funded at the 70% level by Spain. The scientific drives behind the GTC project are described here, as well as the current technical, managerial, and operational baseline.