The $625-million proposal by the Related Company was bitterly opposed by many neighborhood residents because of the loss of open space and playing fields.

Hudson River Trust Chair Diana Taylor says Related's plan didn't comply with the lease rules, leaving one final offer, a more family-friendly one from the Camp Group.

Taylor says that plan must prove it's financially viable.

TAYLOR: So we told the Camp Group, "Go talk to whoever it is you need to talk to, tenants or otherwise, get together and come up with something that we can approve."

REPORTER: Spokesman for the Camp Group, Mark Benerofe, says they're confident they can show the Trust they can build the recreational and education facility proposed. They have 90 days.

The Related group would not comment on the current announcement.