Media mogul Barry Diller and his wife, fashion designer Diane von Furstenberg, have committed to funding a floating public park and performance space on a pier in the Hudson River.

Their pledge of over $113 million will be the single largest private donation to a public park in New York City history, according to Capital New York.

And now, the project will officially be built after a unanimous vote by the Hudson River Park Trust approving the plan 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.

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. Pier55, Inc./ Heatherwick Studio The park will be built on top of a platform 186 feet off the Hudson River shoreline, which will be supported by 300 mushroom-shaped concrete columns, according to The New York Times. The new space will be built above the flood plain required post-Hurricane Sandy.

It will sit atop 300 concrete columns. Pier55, Inc./ Heatherwick Studio The addition to New York's waterfront will also have lush gardens, wandering paths, and a 700-seat amphitheater that will host art events and performances.

"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.

Pier55 will be open the same hours as the rest of Hudson River Park. Pier55, Inc./ Heatherwick Studio Diller and von Furstenberg’s family foundation created a nonprofit called Pier55 Inc. to maintain the park and commission arts programming for it.

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.

The open-air amphitheater will have really spectacular views. Pier55, Inc./ Heatherwick Studio The new pier was designed by Heatherwick Studio, the same company that designed the Olympic Cauldron for the London 2012 Olympic Games, in collaboration with landscape architect Signe Nielsen.

"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."

There will be plenty of lush greenery to explore. Pier55, Inc./ Heatherwick Studio Construction for the new pier will begin in 2016 and include the demolition of Pier 54, which once served as the departure point for the Lusitana and was the planned arrival site of the Titanic.

Pier 54 has been vastly unused in the past few years. Kimon Berlin/Flickr "Pier55’s imaginative, almost dreamlike design and artistic ambition will touch everyone who visits. This park will be an invaluable public asset for our city for generations to come," Margaret Newman, executive director of the Municipal Art Society, said in the press release.