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Diane von Furstenberg and Barry Diller to create 'Pier 55' park island on the Hudson River

Diane von Furstenberg and Barry Diller to create 'Pier 55' park island on the Hudson River

Husband and wife project

Design legend Diane von Furstenberg and her media mogul husband Barry Diller are set to create a pier-type park space along the Hudson River in NYC

Media mogul and former head of Fox and Paramount Pictures, Barry Diller, has outlined ambitious plans to add "a slice of paradise to New York City", the Hudson River Park Trust announced this week.

Diller, who currently serves as chairman and senior executive of media company IAC/InterActiveCorp and travel company Expedia, wants to build a $170 million, 2.7-acre park to be called 'Pier 55' on the Hudson River, accessible via a bridge.

It is reported that Diller – the husband of Diane von Furstenberg – is donating $130 million through the foundation he runs with wife, who is also the president of the Council of Fashion Designers of America (CFDA), and construction may begin as soon as 2016.

"I have always loved public spaces," Diller told the New York Times. "It's entirely my fault that this has become so ambitious. We will fail in our ambition, outsized or whatever it may be, if this doesn't feel completely like a park and completely like a performance space."

"We are so lucky as a family that we get to do this," Diller said in a statement. "If the Pier when completed is anywhere as much sheer fun, strife, stimulation and joy as it has been conceptualising it... then it will exceed my wildest expectations."