The Board of Supervisors Land Use and Economic Development Committee approved Monday the proposed redevelopment of Treasure Island. Years in the making, the proposal would construct 8,000 residential units, 140,000 square feet of retail space, 100,000 square feet of commercial space, and 300 acres of parks and open space. It also includes a police and fire station, a school and a 500-room hotel. At least 25 percent of the units, or 2,000, will be offered at below market rates.

The board’s budget finance committee will hold a hearing next week, Wednesday, on the plan’s financial agreements. The full board is expected to vote on the proposal for the first time on May 17.

“I can’t think of a project that has been more thoroughly thought through,” Supervisor Scott Wiener said. “I am quite supportive of this project.”