The park will pay tribute to 8-year-old Martin Richard, a Dorchester native and spectator who was killed at the finish line of the marathon.
"Martin's message of peace and love of life serves as an inspiration for all of us," said Mayor Marty Walsh.
The property, which sits adjacent to the Boston Children's Museum, is currently owned by the Massachusetts Bay Transportation Authority. It will be transferred to the Boston Parks and Recreation Department as protected public space for the park.
The park is expected to be designed during the 2016 fiscal year with the community's input. It will be completed in 2017.
Mayor Martin Walsh says the Richard family exemplifies the spirit of Boston.
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