(DNAINFO) Danielle Tcholakian | October 21, 2015 — The city and the Hudson River Park Trust have struck a deal allowing developers who own the sprawling St. John’s Terminal building across the street from Pier 40 to demolish the four-story structure and replace it with five new buildings.

In exchange for being allowed to build a nearly 2-million-square-foot project that includes residential units, retail space and a hotel, the developers will pay $100 million for 200,000 of Pier 40’s air rights and set aside 30 percent of their residential units as permanently affordable housing for seniors and low- and middle-income families, according to city officials and documents.

The $100 million will go to repairing the crumbling pier, which a recent engineering report found is deteriorating at an increasingly rapid rate, city officials said.

Source: City, Hudson River Park Trust Strike $100M Air Rights Deal for Pier 40 – Hudson Square – DNAinfo.com New York