Treasure Island Project Poised to Move ahead following Property Transfer

first_img Dan Cohen AUTHOR Infrastructure development at Treasure Island could begin by 2016 with the first residential units going up the next year, following the Navy’s transfer last week of 290 acres at its former base in San Francisco Bay to the city of San Francisco.“This is a huge milestone … and a culmination of many years of work,” said Robert Beck, director of the Treasure Island Development Authority.The 290 acres encompass half of Treasure Island as well as adjoining Yerba Buena Island. The remaining 200 acres will be handed over in five subsequent transfers over the next seven years, Beck told the Examiner. The Navy will receive $55 million over the next 10 years for the land.The $1.5 billion project, scheduled to take 15 to 20 years, calls for up to 8,000 homes, 235,000 square feet of retail space, 500 hotel rooms, a ferry terminal, and 300 acres of parks, playgrounds and open space. One-quarter of the housing units would be affordable.The project’s developers, Lennar Urban and Wilson Meany, expect to sell some of the site’s parcels after construction of new roadways and water and sewer distribution systems is complete.“One of the great things for us is we do have a number of years of development going forward and lots of vertical pieces, so we both have the means to go forward and we’re going to look to bringing other people in,” Chris Meany told the San Francisco Business Times.last_img

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