NEW YORK CITY—In an unexpected dramatic plot twist, the construction of Pier 55 has been revived. Gov. Andrew Cuomo brokered an agreement with the multiple parties in dispute over the project. The governor anticipates that the proposed 2.7-acre island structure, which will have a performance center and rise seven stories above the waters off the Hudson River shoreline—will debut during his next term of office, if reelected.

Just last month, Pier 55's funder, billionaire Barry Diller, chair of IAC and Expedia, pulled out of the project. Estimated costs had swelled to $250 million. In pre-construction costs alone, Diller had paid $40 million dollars, and the proposal remained mired in litigation.

But on Wednesday, Cuomo announced he had productive conversations with the City Club of New York. The civic advocacy non-profit agreed to cease its litigation to halt the project. “Pier 55 will go forward, and we will work cooperatively to complete the full vision for the park,” Cuomo said.