NEW YORK | "Pier55" Redevelopment

[chris08876]

Hudson River Park Gets $100 Million Launch


A rendering shows the landscape of Pier55, which is planned to replace Pier 54 on the west side of Manhattan. PIER55/HEATHERWICK STUDIO

It is one of the largest privately funded parks in the country, and it will soon be off Manhattan’s western shore.

On Monday, billionaire businessman Barry Diller ; his wife, fashion designer Diane von Furstenberg ; and the Hudson River Park Trust are expected to announce the creation of a $130 million, 2.7-acre pier, public park and performance space near New York’s Meatpacking District.

Construction of the park, financed primarily through the couple’s private foundation, will begin in 2016 and include the demolition of the old Pier 54, which has been unused for years. The new pier will be called Pier55, and Mr. Diller has created an independent foundation that will build, operate and provide cultural programming for it in cooperation with the Hudson River Park Trust.

The city is providing $17 million, money that was allocated for the project under the Bloomberg administration and reaffirmed by Mayor Bill de Blasio . But the vast majority of the financing, more than $100 million, comes from Mr. Diller, the 72-year-old chairman of IAC/InterActiveCorp, a New York-based media company. New York state isn’t contributing funds to the park but will provide $18 million for construction of an esplanade leading into it.

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Hudson River Park Trust has the right to build piers and water rights up to 1,000 feet off Manhattan’s shoreline. Permits from the state’s Department of Environmental Conservation and the Army Corps of Engineers will be needed for Pier55, but it requires no major city approvals. The Hudson River Park Trust will vote on whether to approve a 20-year lease to Mr. Diller’s foundation for the operation and construction of the pier.

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http://online.wsj.com/articles/hudso...nch-1416200520