David Rockwell with Rockwell Group was the collaborating architect. He said when he moved to New York 40 years ago, he did not fantasize about an architectural, vertical city. Instead he loved the messy vitality of the ground floor with its incredible range of arts—big and small.

The architect opined that New York City is defined by its artists and its arts. "Art brings us together, creates community and at its best inspires empathy and its audiences," said Rockwell. He added now it was time for the architects to turn over the Shed to the artists and see how they would stretch, change and hopefully embrace it.

Diller began on the project when former Mayor Michael Bloomberg was backing it in 2008. Bloomberg had dedicated $75 million in public funds to the center, and donated $75 million of his personal funds. Six years later Alex Poots was brought on as the Shed's CEO and artistic director. He had been the chief executive of the Manchester International Festival, and subsequently at the Park Avenue Armory, which he enlivened by bringing in "Macbeth" starring Kenneth Branagh.

Diller said Poots provided ideas that resulted in making the building more flexible, usable and inventive. His changes, which included expanding the size for larger audiences, bumped up costs by $26 million. But Diller described him as an alchemist putting things and ideas together, the way chefs put tastes together in their brains to create the unexpected.

The Shed's hall accommodates audiences of 1,200 seated or 2,700 standing. Flexible space in the two adjoining galleries can expand the hall to fit 3,000 people. The eight-story, 200,000-square-foot building has room for a full range of visual and performance art.

Poots noted the Shed would be showcasing artists who were established, in early careers and from the community. "They all are equal. We don't need to go in the high and low. Hopefully those days are over, and certainly will never exist here," he said. The center will be pioneering in exploring new artistic territory, commissioning works instead of rotating permanent collections or producing theatrical revivals.

The opening show "Soundtrack of America," which runs April 5-14, will be a concert series on the history and future of African American music. It will be directed by the Turner Prize winning artist and Oscar winning film maker, Steve McQueen.

Mayor Bill de Blasio emphasized how the Shed would be inclusive of art from every discipline, point of view and background. He stressed the venue's important role in the city for cultivating and supporting the arts. Under the Open Call program, the Shed has commissioned works by 52 New York City artists and performers. From May 30 - August 25, the resulting programs will be free.

In addition to free tickets available to the general public, the Shed will offer $10 tickets throughout the year. It is also providing tickets to New York City Housing Authority residents.

The mayor acknowledged the growing grievance that New York City is getting too expensive.

He said to remain the greatest cultural city in the world New York had to keep its artists from leaving. That meant not only building and maintaining affordable housing but creating opportunities for New York City artists to make a living.

Although journalists were not allowed into the Shed, the slideshow contains photos from the day of the dedication ceremony. (All photos were taken by Betsy Kim.)