NEW YORK (CBSNewYork) – A dedication ceremony was held Monday for Manhattan’s newest cultural arts center, “The Shed.”

Where the High Line meets Hudson Yards now stands the $475 million, 200,000 square foot performing arts space.

Located in the new Bloomberg building, named for the former mayor who made a $75 million donation, the futuristic eight-level structure has something special – a moveable outer shell that can roll on wheels into the shed’s outdoor plaza, doubling its footprint as an indoor venue for shows and exhibitions. When pulled in, the space converts to an outdoor performance venue.

Mayor Bill de Blasio and city officials attended the ribbon cutting Monday and discussed the innovative space.

Web Extra: Mayor De Blasio Presides Over Ceremonial Ribbon Cutting 

“The Shed will have it all,” the mayor said. “Theater, music, dance, film, galleries, performance space – you name it, it will be here.”

Performances will bring together established and emerging artists. Unlike everything else in Hudson Yards, which is privatized, The Shed lies on city land and operates as a not-for-profit, with affordable ticket prices offered for each show.

“The Shed will be accessible, The Shed will be affordable. Performances will have ticket prices at all levels, starting at $10,” de Blasio said.

Acts are already scheduled and tickets are available online.

If you’re an up-and-coming artist looking for a venue to perform, check out the open call nights for your chance to be seen.

The Shed officially opens to the public Friday.