![Pier 55](https://static-ssl.businessinsider.com/image/546a3353ecad043628e9972a-1200-924/pier-55-3.jpg)
Pier55, Inc./ Heatherwick Studio
Pier 55 will be a public park and performance space on Manhattan's lower west side.
Their pledge of over $113 million will be the single largest private donation to a public park in New York City history, $4.
And now, the project will officially be built $4 on Wednesday, according to DNAinfo.
Construction will begin on the park in 2016, and it is expected to be completed by 2019. According to DNAinfo, "more than half of the performances in the pier's amphitheater will be free or 'low-cost.'"
The new addition to the waterfront will be called Pier 55 and is expected to cost more than $130 million. The City of New York will provide $17 million to the project, while New York State will provide a separate $18 million for the construction of a public esplanade that will lead into the pier.
![Pier 55](https://static-ssl.businessinsider.com/image/546a23d4ecad044a6ae99720-1200-600/03_aerial view of pier 55.jpg)
Pier55, Inc./ Heatherwick Studio
The billionaire couple has partnered with the Hudson River Park Trust to build the 2.7-acre square-shaped pier and community art space to replace the deteriorating Pier 54.
![Pier 55](https://static-ssl.businessinsider.com/image/546a23d4eab8ea45440551c0-1200-800/04_view of pier 55 from the esplanade looking west.jpg)
Pier55, Inc./ Heatherwick Studio
It will sit atop 300 concrete columns.
"New York has always reminded me of Venice, so I am happy the time has come to properly honor its waterways," Von Furstenberg said in a press release.
![Pier 55](https://static-ssl.businessinsider.com/image/546a23d4ecad04d16ee9971c-1200-858/07_view of southern space looking north from gansevoort peninsula.jpg)
Pier55, Inc./ Heatherwick Studio
Pier55 will be open the same hours as the rest of Hudson River Park.
To oversee the park's performance venues, they have recruited Oscar-winning producer Scott Rudin, playwright George C. Wolfe, producer Stephen Daldry, and Kate Horton.
![Pier 55](https://static-ssl.businessinsider.com/image/546a23d46bb3f75053f52cee-1200-706/08_view of the amphitheatre looking southwest at sunset.jpg)
Pier55, Inc./ Heatherwick Studio
The open-air amphitheater will have really spectacular views.
"Unexpected topography and captivating spaces will create physical, visual and cultural experiences found nowhere else in the city, much less on the waterfront," Nielsen said in the press release. "The drama and delight of the landscape will make this a magnificent destination that will define a new paradigm of public parks."
![Pier 55](https://static-ssl.businessinsider.com/image/546a23d4eab8ea4a440551c3-1200-858/06_stairs.jpg)
Pier55, Inc./ Heatherwick Studio
There will be plenty of lush greenery to explore.
![Pier 55](https://static-ssl.businessinsider.com/image/546a23d66da811893752e1e3-1200-600/10_aerial night view.jpg)
Pier55, Inc./ Heatherwick Studio
Construction for the park will begin next year.