Drain cherries, reserving 1 cup of the liquid. In a medium saucepan stir together 1 cup sugar and cornstarch. Add cherries and the reserved liquid. Bring to boiling, stirring to dissolve sugar; reduce heat. Boil gently, uncovered, for 1 minute; cool. Cover and chill until needed.
For pastry, in a medium bowl stir together flour, ground almonds, 1 teaspoon sugar, and salt. Using a pastry blender, cut in butter until pieces are pea size. Sprinkle 1 tablespoon of the water over part of the flour mixture; toss gently with a fork. Push moistened pastry to one side of bowl. Repeat moistening flour mixture, using 1 tablespoon of the water at a time, until all of the flour mixture is moistened. Gather flour mixture into a ball, kneading gently until it holds together. Cover and chill for 1 hour.
Meanwhile, allow cream cheese and eggs to stand at room temperature for 30 minutes. Preheat oven to 425 degrees F. On a lightly floured surface, roll pastry into an 11-inch circle. Ease pastry circle into a 9-inch pie plate without stretching it. Trim pastry to 1/2 inch beyond edge of pie plate. Fold under extra pastry; crimp edge as desired. Bake for 8 minutes. Spoon half of the cherry mixture into pastry-lined pie plate. Bake for 15 minutes.
In a large bowl beat cream cheese with an electric mixer on medium to high speed for 30 seconds. Add 1/2 cup sugar, vanilla, and almond extract; beat until combined. Add eggs; beat just until combined.
Reduce oven temperature to 350 degrees F. Spread cream cheese mixture evenly over cherry layer in pie plate. Bake about 25 minutes more or until cream cheese layer is set; cool.
Spread the remaining cherry mixture over top of pie. Cover and chill for at least 4 hours before serving. If desired, sprinkle with sliced almonds.