The group, which comprises about 10 Alexandra residents, commissioned structural assessments of the piers, which appear to be in good condition.
Vincent Community Board chairwoman Clair Higginson said the group had ideas to upgrade the structures, although working party members had no real power to raise funds through organisations.
Ideas included lighting the piers at night.
"At the moment, it is difficult to move forward because the group has no formal structure and there is no one entity driving it," Ms Higginson said.
She said by becoming either an incorporated society or a trust, the group could carry out work which had been in discussion for more than 20 years.
"Discussions have been held about the future of the bridge piers since the 1980s. We want to make them a feature of the town because they are a part of who we are," she said.
A public meeting will be held at the Central Stories Museum and Art Gallery on June 26 to form an interim committee which would go on to become a legal entity.
