NEW YORK (AP) — A billionaire has pulled the plug on his $250 million plan to transform a pier in New York's Hudson River into a futuristic park and performance center.

Barry Diller, chairman of IAC/InterActiveCorp, first pledged to the project called Pier 55 in 2014. The announcement was quickly met with a series of lawsuits financed by billionaire real estate developer Douglas Durst.

The Wednesday decision to end the project came amid settlement discussions between the project's overseers and the plan's opponents.

Diller says because of the escalating costs and continuing controversy, he decided it was no longer viable to proceed.

Democratic U.S. Sen. Chuck Schumer, a project supporter, tells the New York Times that it is "just awful" a small group of people held up a project that would have benefited many.