A plan to build thousands of homes on Treasure Island that has been nearly two decades in the making is now one step closer to reality.
Today, Mayor Ed Lee is expected to announce the receipt of 290 acres of Treasure and Yerba Buena islands from the Navy in anticipation of the development of 8,000 homes (including 2,000 at below market rate); 500,000 square feet of commercial, retail and office space; up to 500 hotel rooms; a ferry terminal; and 300 acres of parks and open space.
The deal marks the first major property transfer in the project. The remaining 200 acres will be passed over in five subsequent transfers over the next seven years, said Robert Beck, director of The City's Treasure Island Development Authority that oversees the islands.
“This is a huge milestone…and a culmination of many years of work,” Beck said.
The 290 acres encompass half of both islands. The Navy also turned over more than 500 acres of submerged land surrounding the man-made Treasure Island that was last used by the military in 1997.
“It's taken almost two decades to get to this point, and we're eager to transform this former naval base into a vibrant community with more housing, jobs and economic opportunities for our residents,” Lee said in a statement.
Infrastructure development, which could cost $1.5 billion, is expected to begin later this year and includes building new roadways and water and sewer distribution systems, followed by the construction of buildings in 2017 on Yerba Buena Island. Because Treasure Island needs significant geotechnical work, the first homes won't be built there until 2018, Beck said.
The entire project is anticipated to be complete by 2030.
In the years leading up to the development, the islands became home to some 160 commercial tenants and 660 households. Residents who lived there prior to the adoption of the development agreement in 2011 will be offered the new housing.
The Treasure Island development will be concentrated along the western edge, facing San Francisco, and along the southeastern portion adjoining an expanded Clipper Cove Marina with views of the new eastern span of the Bay Bridge and the East Bay hills.