Pier 40, the 15-acre jut of public parking and crowded athletic fields that has for years been in danger of crumbling and sinking into the Hudson River, may soon have the funding to make long-overdue repairs.

The NY Times reports that the proposed plan, pending approval through a public review process, calls on the city to sell Pier 40's air rights to developers Westbrook Partners and Atlas Capital Group L.L.C., who would in turn construct five new apartment buildings on the eastern side of the West Side Highway between Charlton and Clarkson Streets. The sale, which could bring more than $100 million in repairs for the pier, is contingent on the developers' promise to keep 30% of their proposed 1,586 residential units a "mix of low-income, moderate-income and senior housing."

"This is a huge win for the park," Hudson River Park Trust President Madelyn Wise told the paper, adding that Westbrook and Atlas Capital would be the first developers along the Hudson River Park to contribute to the park's maintenance.

Members of the Trust's board of directors have questioned the sustainability of Pier 40 for years. At a 2012 board meeting, members cited three crumbling stairwells recently closed because of safety concerns, not to mention a collapsing roof and eroding metal pilings. This March the trust commissioned a report on the pier, which determined that repairs would cost $104 million, and that more than half of the piles that hold up the pier are severely damaged.

This is not the first time legislators have tried to drum up funds to fix Pier 40. In 2007, Related Companies of Hudson Yards fame (also responsible for new "affordable" towers in Hunter's Point) pitched a $626 million joint project with Cirque du Soleil and the Tribeca Film Festival that critics feared might manifest as "Las Vegas on the Hudson." Another proposal from local nonprofits called for sports facilities and academic complexes for nearby high schools and colleges. Meanwhile, neighbors rallied for the pier to be transformed into a park. In 2013, Major League Soccer proposed transforming the pier into an MLS stadium.

Last year, a Governor Cuomo-backed plan to sell air rights in exchange for some development on the pier itself was met with neighborhood opposition and ultimately fell apart.

Reached by phone, a spokesman for the Hudson River Park Trust clarified that the proposed $100 million in air rights would go towards emergency repairs to the pier's pilings, rather than any redesign of the parking lot or sports fields.