After eight months of public hearings, the city council voted 7 to 2 on Tuesday to approve the riverfront renewal plan.
The 140 million dollar project will convert the disused freight yard into a park, housing, and a flood-control wetland.
This is the largest green investment in the city's history, and it will pay for itself in avoided flood damage alone.
Construction is expected to begin next spring, with the first phase of the park opening two years later.