State and city officials on Wednesday announced that a design and architect have been approved for the overhaul of Governors Island.

According to the New York Times, a consortium that includes West 8, Diller Scofidio & Renfro, Rogers Marvel Architects, Quennell Rothschild & Partners and SMWM was named as the winner. The consortium's plan calls for transforming much of the flat island into green space. The proposed design includes a two-mile waterfront promenade, a new park on the southern end and an improved park at the northern historic district.

Governors island, once a military post, was sold to the city of New York for $1 in 2003 with the understanding it would be developed into open space and a cultural destination. The cost of creating the park is expected to be $400 million, which would be financed by the state and city, and is slated for completion by 2012.

Click here to view the final and runner-up designs.