Pier 11 is the area below the Ben Franklin Bridge that has been long-neglected.
It will now be turned into a so-called "Green Park."
"What we're talking about is a great place in a great space, for a great city region and the nation to see. The waterfront that is accessible and developed in sustainable and intelligible fashion," Nutter said during a press conference Sunday.
Mayor Nutter said the waterfront development will also create much-needed jobs and help Philadelphia become the number one green city.