The Board of Supervisors will vote on a plan to buy Treasure Island from the Navy for more than $100 million and then spend $1.5 billion turning it into a high-density neighborhood.
Members of the Land Use and Economic Development Committee on Monday unanimously agreed to forward financial and development plans for the island to the full board for approval.
Under the plan, the project costs would be recovered from development profits.
San Francisco’s main benefits from the project would come from increased property tax revenues, additional affordable and market-rate housing stock and new public amenities, such as parks and a ferry terminal.
More than 8,000 homes, a hotel and an upgraded marina are included in the development plan, which could take decades to build out.
The plan was generally lauded by lawmakers and others on Monday.
“This is a project that is very well thought out,” San Francisco Planning and Urban Research Association executive director Gabriel Metcalf said.
Some environmental concerns linger, however. Green Party member Eric Brooks said NASA sea-level projections indicate that the project will flood as the world warms. Environment Commissioner Ruth Gravanis said a plan to provide one parking spot for every housing unit is excessive.
The supervisors amended the plan slightly before forwarding it to the full board for a vote by increasing public oversight of parks and open space on the island.