The Richard and Susan Smith Family Foundation will make a $3 million gift for the park being constructed along Fort Point Channel in honor of Martin W. Richard, the Dorchester boy who was the youngest victim of the Boston Marathon bombings. The park is expected to be constructed in 2017 at an estimated cost of $10 million.

“Martin's message of peace and love of life serves as an inspiration for all of us,” said Mayor Walsh. “I thank all of our partners who have contributed to this important initiative, and especially the Richard family, whose strength and commitment to bettering our community exemplifies the spirit of our city.”

“We are deeply honored to help bring this gift of a world-class park to Boston in memory of Martin Richard,” said Susan Smith, co-chair of the Richard and Susan Smith Family Foundation in a statement issued Tuesday. “Martin’s Park at the Smith Family Waterfront will transform an underutilized public space into a vibrant, universally accessible park and playground that we hope will delight children and families for generations to come.”

Additional sponsors include P&G Gillette, Fidelity Investments, Mayo Capital Partners LLC, John Hancock Financial, Highland Street Foundation, the Connors Family Foundation, Sherry and Allan Leventhal Foundation, and the Martin W. Richard Charitable Foundation.

The project will be sited at 64 Sleeper Street located between Seaport Boulevard and Boston Children’s Museum, just south of the Moakley Bridge on Fort Point Channel.

The MBTA owns the parcel but it will be transferred to the city's Parks and Recreation Department under a plan unveiled last year.