Nearly two decades in the making, a massive plan to redevelop Treasure Island was unanimously approved Tuesday amid concerns over traffic impacts and the loss of hundreds of below-market rate units.
With the vote by the Board of Supervisors on Tuesday, more than 8,000 residential units will be constructed on the man-made 550-acre island within 20 years, including a building as high as 450 feet. The project will also include 100,000 square feet of commercial space and 300 acres of park and open space.
The board also approved amendments increasing the amount of affordable housing in the project, requiring that maintenance and landscaping workers be paid prevailing wages, and requiring the developer to consult with experts in any historic preservation projects. It also required that the development be evaluated after a few years to see if it is meeting goals for transit usage. In addition, the board approved a requirement that the developer pay a fine of up to $10 million for development delays.
Tuesday’s vote was a decisive moment for the project, as it rejected an appeal of the project’s environmental review that was filed jointly by Golden Gate Audubon, the Sierra Club and former Board of Supervisors President Aaron Peskin, among others. Concerns were raised about the number of parking spaces in the development, as well as a reduction of affordable housing units, from 2,400 to 2,000, due to a lack of funding.
The Planning Department said it reduced allowable parking from 11,150 spaces by 470 spaces to 10,680. Transit is a major component of the project: Residents would be required to purchase Muni passes; a transit hub on the island would offer service to downtown, a free shuttle and a ferry terminal; and a fee would be required to drive off the island.
A naval station on the island was designated for closure in 1993, and operations ceased in 1997. It wasn’t until last year, however, that then-Mayor Gavin Newsom was able to strike an agreement with the Navy for The City to take over ownership of the island, which included a payment of at least $105 million.
8,000 new units
311,000 square feet of historic structures to be reused
140,000 square feet of new retail space
100,000 square feet of commercial office space
300 acres of parks and open space
400-500 room hotel
400 slips in planned new marina
Source: Planning Department