Minneapolis business and public officials have chosen a New York-based firm to lead a redesign of the city's iconic Nicollet Mall.

James Corner Field Operations is perhaps most famous for their work on the High Line elevated walkway in New York City. They beat out two other design teams who competed for the project.

"Almost 50 years ago, Architect Lawrence Halprin helped Minneapolis transform Nicollet Mall into Minnesota's Main Street and the greatest street in America," Minneapolis Mayor R. T. Rybak said in a statement. "Today, I'm confident that we've chosen the right team in James Corner Field Operations to transform what is now a very good street into the greatest street in America once again."

The project, estimated to cost about $40 million, will rely heavily on state bonding dollars -- which have yet to be approved. Other sources of funding include assessments on downtown businesses.

The city hopes to see construction completed by 2016, if all goes according to plan.

Here are more images from their presentation: