According to a release, the HRPT evaluated the three competing proposals, which also included submissions from the Related Cos. and a partnership of the Durst Organization and C&K Properties, to develop Pier 57 based on their adherence to the RFP's criteria. These included: compatibility of the proposed uses with the park; capacity of the development team to complete the project; the project's design, including its respect for the pier's historic structure; the financial feasibility of the project; and the revenue it will generate for the HRPT.

Youngwoo's plan is projected to cost $210 million. It includes a 170,000 square-foot covered, open-air public market, which will be programmed and managed by Urban Space Management and housed partly in recycled and refitted shipping containers. The Tribeca Film Festival will establish a permanent outdoor venue on the roof of the pier, which will also be a year-round backdrop for a series of exhibitions and performances.

The plan also calls for a "Contemporary Culture Center" of approximately 90,000 square-feet on the ground floor, which YWA's proposal envisions as a mix of auction, exhibition, gallery and entertainment space. Other features will include a two-acre rooftop park, restaurants and an "Underwater Discovery Center" in one of the pier's historic caissons, the release states.