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February 10, 2015

N.Y. Trust OKs Lease for Diller's $130-Million Pier Park

The Hudson River Park Trust approved a lease agreement Wednesday with a group led by billionaire media mogul Barry Diller that aims to build a $130-million park and cultural center on the waterway, reports The New York Times. The nonprofit trust and Mr. Diller, the former Hollywood executive who now heads the media firm IAC/InterActiveCorp, announced plans in November for a mix of green spaces and performance venues—to be called Pier 55—that will jut into the river from the shoreline in Lower Manhattan.

Mr. Diller has pledged $113-million through a family foundation to cover the bulk of building costs. Pier 55 Inc., a nonprofit organization he heads, will operate and program performances at the prospective 2.4-acre facility, which still must win approval from the Army Corps of Engineers and the State Department of Environmental Conservation before construction can begin as scheduled in 2016. The lease deal runs 20 years, with an option to renew for another 10.

Read a Chronicle of Philanthropy article on the rise in philanthropic funding for urban parks.