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Hudson River Park plans to build 'Pier55', a futuristic waterfront park and performance space

A deteriorated pier at Hudson River Park will be transformed into a futuristic park and performance space under a plan announced Monday.

'Pier55,' as the 2.7-acre space is being called, is expected to cost over $130 million. The Diller-von Furstenberg Family Foundation will foot most of the bill, with the City of New York set to contribute $17 million.

The park will include an amphitheater and undulating topography with views of Manhattan and northern New Jersey.

It's set to open in 2019.

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